Builders and realtors use a variety of terminology to describe a property. For instance, spec home vs. model home. What’s the distinction? Is there a difference between a model home and a spec home? Are there any differences between spec homes and model homes? Let us begin by defining each type of home:
What Exactly Are Spec Homes?
Spec implies “speculative,” which is another word meaning “informed guess.” Builders purchase specific parcels of land where they believe communities will grow or where someone may want to build a home in the future.
This might then go in various directions. Someone looking for a home on the land may call the builder to specifically design the home, in which case the spec home becomes a custom home. Builders will frequently begin construction swiftly based on their own design — even before they have a customer.
If a buyer enters the process in the middle, they can generally personalize many of the home’s features and finishes. Alternatively, the builder may complete the home before finding a buyer and place it on the market.
In essence, a spec home is built when a builder purchases land and begins construction to sell it.
What Exactly Are Model Homes?
Model homes may be more familiar to you. When a builder intends to create homes across a large tract of land, such as in a development, each home will not be fully distinct. For them, this would be inefficient and costly. They’ll use a variety of floor plans, each geared to a given family size.
If they have to build 200 homes, they won’t depend on 200 different floor layouts. They will be able to construct 200 homes depending on, say, six distinct floor plans. This boosts their productivity, speeds up the construction process, and lowers material costs.
What Is the Distinction Between a Model Home and a Spec Home?
Which is superior? Everything is in the eye of the beholder. There are distinct advantages to each, as well as things to consider when deciding whether a home is ideal for you.
Spec Home Advantages
Spec homes are fairly prevalent, so there’s a strong possibility you’ll be able to find one that’s still in the planning stages. This allows you to collaborate with the builder and customize aspects of new home designs, particularly the material choices.
In many ways, this is faster than custom building. You may generally find a spec home that is already under construction. The contractor has already done a lot of the legwork in terms of design, as well as much of the paperwork necessary in having the house built in the first place. You wouldn’t have to manage their schedule as they had one before you arrived.
Model Home Advantages
The primary benefit of a spec home over a model home is the pricing point. If you create a large number of homes in a variety of styles, each of those floor plans must be approved, and the builder is doing something new every time. If you build from a few different models, the floor plans are accepted, and the builders have already constructed the home several times – they know how to do it correctly.
Model homes are also rigorously inspected. Their design is optimal. Builders don’t take any risks when it comes to experimenting. They want to build houses that appeal to the greatest possible range of individuals. In general, where everything is located will make a lot of sense, and living there will be comfortable.