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Before you build a home or make a purchase, it’s important to understand how spec homes and custom homes differ so that you can make the best choice for your family and your budget. On average, experienced builders can make between 10% and 15% of the total selling price of the custom home. Newer builders will typically see numbers under 10% before they become more adept at reducing inefficiencies and cutting costs throughout the building process. The added expenses are often worthwhile for custom home buyers, though.
You are able to know the exact cost before purchasing the home because everything has been planned and thought out. However, Spec Homes can end up being more expensive over time if you decide to remodel or do renovations. While spec homes are good for builders, they are not ideal for the home buyer. Buyers looking for their dream home want a custom-built house that meets all of their unique specifications. When comparing houses of similar sizes, spec homes are almost always more expensive than custom homes in the long run. With spec homes, contractors stick to a list of materials that are within a budget.
Which Is Right For You? Spec or Custom
A custom home is a good option if you know exactly what you want in a house and you don’t mind waiting a little longer to get into a home. You should also choose a custom home when you have the budget to take on any extras that may come up. They typically use neutral, basic materials to appeal to more people. The floor plans are usually standard and have few embellishments. The builder is trying to be as economical as possible to make a profit.
Our homes range from 1,500-2,200 square feet with multiple floor plan options to fit everyone’s needs. We have a limited number of lots to choose from with build times that range between 6-8 months. Visit our Quick Move-In homes to see which lots are coming up soon, and take a look at homes that are already being built.
Spec home advantages
For buyers who are pressed for time, who don’t care about many details, or who feel overwhelmed at making a lot of decisions, a custom home may not be the best fit. But there are a lot of benefits of building a custom home to carefully consider, as well. Though buyers have less say over the features of a spec home, they do have more leeway in the price. When you’re shopping for a new home, you’ll typically find that custom homes and spec homes are two of the most prevalent options.
You can decide what your budget is and what materials you want to use. A spec home is a new house that was built by a home builder in the hopes that home buyers will come along and buy the house after it is built . They are generally rather generic, unless you find a luxury home builder.
How to Choose a Home Builder
So if you want to build somewhere near a good school, then nothing should stop you from building your home there. Although custom homes are specific to a site, you can tailor it according to your ideas. One of the biggest attractions is that you have the option to add extra eco-friendly choices or choose features that suit your location and environment. Building a home for some people entails overseeing the construction from the start and dedicating a few months in the entire process. Some others do not need much of your time and efforts, but still, go perfectly. And there are some builds that you can buy directly “off the rack”, completely built.
Beyond the floorplan, many finishes, lighting, and paint colors are also pre-determined. The design of a spec home is predetermined, meaning there’s no room for customization or adjustments to the floorplan. There are big differences between all three, and knowing what they are will help you make the best decisions for your investment. Eliminate extra rooms and flex space that are trendy with today’s spec houses.
Custom Homes
Due to the lengthy nature of constructing a custom house, it might be challenging to schedule the sale of your current residence alongside the construction of your new one. Building your custom house ahead of schedule is an option if you're concerned about meeting deadlines. After construction is complete, you may move in whenever is most convenient for you.
Another benefit of spec homes is they’re usually reasonably priced. Going with a spec house will not only save time but also money when compared to a custom home build. The advantage to building a custom home is that you have full control over everything, including the lot selection.
There is no reason you shouldn't be able to construct your house anywhere you like, even close to nature if that is important to you. These homes are usually more affordable than a custom home and can be finished more quickly. That being said – if it’s more of a luxury house and you live in an area where people are searching for luxury homes, you may wind up making good returns when you sell.
Cataldo urges buyers to look closely at the cost/value equation. If you build on your own land, the total cost will be slightly higher to build your spec home since you’ll have to pay for the land that it’s built on as well. It could be that the housing market is great and your builders are selling a lot of homes.
Are you interested in building a custom-built home in the Pittsburgh area? We’d welcome the opportunity to talk about designing and building a home just for you. Even if you decide to choose a few amenities to add to the home, you likely won’t have to wait long at all for construction to be completed.
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