When you’ve decided to build a new home rather than purchase an older home, you may come across a few confusing terms. In particular, “new build homes,” “spec homes,” and “quick possession homes”; what’s the difference?
For starters, each of these three home types refer to different stages in the build process – making them more appealing to different types of people. While all of these types of homes represent brand new homes that no one else has lived in, one might stand out as being preferable based on how long you are willing to wait and how much say you’d like to have in regards to the home’s design. To explain a little further, these are the main differences between new build, spec, and quick possession homes:
New Build Homes
When you choose a “new build”, you get to work with the builder on creating the home from start to finish. You’ll get to choose your lot, select from a variety of floor plans, and make decisions regarding all the little details. In many cases, builders can even make modifications to their existing floor plans in order to make it fit your idea of a dream home.
These homes are best for people who have a strong image of what they want their home to look like and have the time to wait for it. If you care about the type of wood used for hardwood floors and can tell the difference between different shades of “light blue,” you’ll want to at least consider a new build home. That being said, a new build home can take around 9-12 months to complete – from the time you strike the deal to the time you move in. Pricing is also more fluid, as making different choices can increase or decrease the cost of the home.
“Spec homes” are ones that the builder builds “on speculation.” They’re often used as a way to showcase the different styles being offered by the builder and to help build up a new community more quickly. In some cases, all of the decisions regarding design have already been made, but the home is still being built. This means that the new homeowner may have to wait a few months before moving into the home, but it will likely take less time than building a new home from the ground up.
Spec homes are ideal for people who have a hard time envisioning what a new build home will look like, even after seeing showhomes and who prefer to know the price of the home upfront. They’re also good for people who know they want a brand new home, need time to sell their existing home and/ or don’t want to be overloaded with design choices.
Quick Possession Homes
Just as their name implies, quick possession homes are spec homes that and are fully built and move-in ready. They’re perfect for someone who needs to move into a new home as quickly as possible, such as those who are moving to a new area for work or those who need to get out of their existing home fast.
This is also a great option for a buyer who wants to see a finished product and know exactly how the home will look prior to purchase. Quick possessions are also often accompanied by incentives from the builder, in order to offset their costs faster.
No matter what your situation is, there’s a new home that’s right for you. In particular, think about how much time you have before you want to be in your new home and how important it is for you to have a say in its design. When you know the answer to these questions, you’ll be able to decide whether a new build, spec build or quick possession is right for you.