Three Differences Between Custom Homes & Spec Homes
Buying a new home is your chance to find a property that perfectly fits your needs and preferences. Two popular new construction options include custom homes and spec homes. While they are both brand new, these types of homes differ significantly. Learn more about custom homes vs. spec homes to help you make an informed decision.
What are Custom Homes?
A custom home is designed and built at the behest of a specific buyer. The process begins by selecting a custom home builder to design and construct a home that meets your unique requirements. You may work with an architect or designer to create a floor plan from scratch or customize one of the builder’s existing floor plans. You can also choose between building on your land or in a safe, planned community. Either way, your builder helps you select the materials and finishes that best match your vision.
What are Spec Homes?
A spec home, short for speculative home, is built by a developer or builder without a specific buyer in mind. The builder may construct several spec homes in a new subdivision on the speculation that the design, finishes, and materials appeal to a broad range of buyers. Once the home is complete, or sometimes when it’s still under construction, the builder puts it up for sale.
Differences Between Custom Homes and Spec Homes
1. Customization
With a custom home, you have complete control over the design. Whether you create a unique floor plan or customize an existing design, you get to choose the materials and finishes you like best.
Spec homes have pre-determined designs, finishes, and materials. You may be able to make minor changes, such as choosing the paint color or selecting from two cabinet styles, but the home’s overall design is already established.
2. Cost
Custom homes tend to be more expensive because they offer unlimited customization. You must also pay for design services, land, materials, and labor. Of course, prices vary widely based on the home’s location, size, and finishes.
Spec homes are typically more affordable because the builder constructs several homes at once in a single development, reducing the cost of labor and materials. You also only pay for the finished product, with no additional design or customization expenses.
3. Timeline
A custom home may take six months to a year or more to complete, depending on the design and the availability of materials and labor. You must also acquire permits and conduct inspections before construction begins, adding to the overall completion timeline.
Spec homes are usually completed much faster. Builders already have the necessary permits and inspections in place once you contact them, and they use economies of scale to speed up the construction process.
Build a Custom Home in Oklahoma City
If you think a custom home is right for you, turn to Landmark Fine Homes. We’re a premier builder with over 20 years of experience building great homes for great people. We also offer pre-built homes in numerous communities across the Oklahoma City metro area. To learn more about custom home building, please call 405.400.8616 or contact us online.
