Spec Homes are Having a Major MomentHeres What to Know
www.countryliving.com
EricVega//Getty ImagesCountry Living editors select each product featured. If you buy from a link, we may earn a commission. Why Trust Us?Home ownership has long been a huge part of the American Dream because the benefits go far beyond the opportunity for financial growth. According to the National Association of Home Builders (NAHB), owning your own home can lead to better mental and physical health, increased financial and physical health for seniors, reduced rates of divorce, and improved school performance and development of children. Of course, everyone pictures the right house a little differently. While some people want to try fitting a family of four into a tiny house or pursuing a hot-to-trot life in a barndominium others might see themselves mixing cocktails in a cozy Cape Cod-style cottage. There are folks who wouldnt trade all the history that comes with living in an old farmhouse, no matter that it might come with creaks, cracks, and iffy plumbing. Then there are the people who have designs on building a totally custom home packed with a made-to-order layout, custom finishes, and field-tested amenities.On the other hand, very few people are likely to share dreams of buying a spec house because, well, its not a thing. Thats because in the past, spec homes have been associated with mass-produced structures filled with builder-grade finishes and stacked up in master-planned communitiesnot exactly the most charming way to start a story about living happily ever after. But, if youre in the market for a new house, you shouldnt sleep on a spec house! Today, high-end builders and developers are pouring money and attention into extra-special specs that are, well, nothing short of spec-tacular.EricVega//Getty ImagesFOR MORE ON REAL ESTATE TRENDS:What is a spec house?A spec house is a residence thats been designed and built without any input from a specific buyer. In the past, a builder or developer made selections for everything from exterior paint colors and stone to kitchen and bath tiles, countertops, and plumbing in the hopes of appealing to a large number of potential buyers and maximizing the amount of money they could make on the deal. That meant leaning into more neutral colors, less-expensive materials, and nothing-out-of-the-ordinary layouts.But things are changing. If you watch shows like Million Dollar Listing or Selling Sunset, you are well aware that a lot of real estate investors and custom luxury builders have moved into the spec space. These are people who are sparing no expense and adding things that would have been unheard of in spec homes years agoslabs of marble shipped in from Italy, $25,000 bathtubs, built-in aquariums, well-appointed butlers pantries, infinity pools. Why? Theyre confident there are plenty of buyers out there looking for top-of-the-line everything without the hassle of building it themselvesand they only need one of them to sign on the dotted line.PC Photography//Getty ImagesWhat are the benefits of buying a spec house?While rewarding, taking on the task of building a custom house comes with a huge time commitment and so many challenges. You have to find the right architect, the right builder, and the right piece of property; make non-stop decisions; deal with materials that are on backorder; handle timelines that get extended; and expect budgets to get blown out. The biggest boon of buying a spec house is that you have no part in any of that. The home is complete, and its being pretty much sold as-is. You only have to take the time to walk through it, and the only decision you have to make is whether its the right fit for you and your family. In some cases, architects and builders work with interior designers from the start, so the homes are completely done. All the beautiful wallpapers, furnishings, rugs, lighting, and artwork are cohesive and in keeping with the teams vision for the home. But wait! Theres more. The homes are also stocked with bedding, towels, dishware, pots and panseverything that anyone could possibly need to live well upon move-in. Obviously, buying a turnkey home saves a ton of time, and its especially appealing to buyers looking for a second or third home.When you do the math of all the time and energy spent, along with the cost of land, furnishings, and so on, you may also find that a spec home is actually saving you money, even when its chock-full of super-luxe items. EricVega//Getty ImagesWhat are some of the drawbacks of buying a spec home?Are you a person with very specific tastes? Do you like looking at a million different Quartzites and debating the pros and cons of each? Are you passionate and very specific about what you like in lighting, faucets, tile, and flooring? If the answer is yes to any of these questions, going the spec route might not be for you. As we mentioned, all those decisions have already been made for you by the time you enter the equation. And if youre someone who feels strongly about making a home extra personal, the idea of moving into a totally turnkey home is even less appealing. While todays spec homes are way more charming and customized than the model homes of 20 years ago, the fact of the matter is that mostif not allof the decision making is out of your hands. And if youre thinking youre going to get a spec home for a steal, you may need to reconsider. While most builders do want to sell quickly to avoid carrying costs, theyre still looking to make money. Bottom line: If the house is full of expensive upgrades and finishes, dont expect to get a whole bunch of something for nothing.Brush Up On Your House Styles:
0 Commentarii
·0 Distribuiri
·14 Views