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Two of the common types of homes built are custom homes and spec homes. Custom homes and spec homes differ significantly in terms of the process, cost, and move-in time.
Custom homes are built specifically to meet the customers’ preferences. Customers are typically involved in the complete process including choosing the lot or land, designing the house and its floor plan, and selecting many of the building materials, including roofing, siding, windows, flooring, and fixtures. Because the buyers have control over the specifics of the house, they can choose to spend money on the materials and design elements that are their highest priority. The turnover time will vary depending on the complexity of the design process and the size and difficulty of the project.
Speculative or spec homes are homes built on the belief that a buyer will purchase the property upon completion. Spec homes may sell while they are still being constructed or once they are finished. The design, floor plan, fixtures, and colors are already in place and buyers have limited or no involvement during the construction. The price of spec homes will depend mostly on how much the builder spent, the neighborhood where the house is located, and the market demand. Spec homes are often referred to as move-in ready homes and are typically ready for occupancy almost immediately after making the purchase.