Spec homes and options (Dallas, Denton: sales, custom home, neighborhood)

[Mrscaston]

If you buy a spec home right before it's done, are you able to pick paint colors and door fixtures? What are the benefits of buying a spec home versus a resale or custom home?

[mSooner]

You should be able to pick colors & fixtures if it hasn't been finished yet (maybe even after it has), but my guess is you are going to be charged somehow.

Upside? You don't have to wait for the home to be built
Downside? You miss out on a lot of options, like floorplans, etc.

[skids929]

Originally Posted by Mrscaston

If you buy a spec home right before it's done, are you able to pick paint colors and door fixtures? What are the benefits of buying a spec home versus a resale or custom home?

If it includes the media room and floor plan alterations that require the roofline to be changed it can be a good thing since any other alterations aren't usually as traumatic.

If you eventually wanted something that requires the roofline to be shifted you could be out of luck on a spec if it doesn't include it already..Unless you're ambitious.

Good luck!

[Squirl]

Originally Posted by Mrscaston

If you buy a spec home right before it's done, are you able to pick paint colors and door fixtures? What are the benefits of buying a spec home versus a resale or custom home?

The only general rule: Everything's negotiable!

Benefits: Its a new house and if you like it and the location, its pretty much ready for move-in. Other benefit, if its been sitting on the market for quite some time you may get a good buy.

[nsumner]

It all depends on the builder. A couple refuse categorically to change anything in the home once it's been spec'd out. Centex is notorious for that.

Other builders will do it at no cost if you are staying within the same standards as what was spec'd and some will charge you a "change order fee", varying from $250 to $2000.

Pros: you don't have to put up with construction or waiting time. Builders will negotiate more on the price since it's costing them as an inventory. Builder warranty so less headache.

Cons: Could not be the perfect floorplan or lot location for you so you may have to compromise.

Considering a pre-owned is a good move too, you can find some homes where the homeowners have put in more upgrades that will cost you. You could also be in a neighborhood where they are not building anymore so you don't have to live by construction sites for long. More motivated sellers especially this time of year.

A custom home is obviously the ideal way to go but it always costs a whole lot more. So if you can afford it and have the time, it's an option.

Naima

[loves2read]

Correct me if I am wrong but I think a lot of inventory of spec homes has been taken off the market (sold)--so with fewer homes in some developments, the prices are tighter and so are the time lines...
this is just what I gather from what I have read on-line and seen in the news

[nsumner]

Builders consider "inventory" any home that has been spec'd out and has building permits issued. The construction doesn't have to have begun. Right now Tarrant county is the highest county with about 600 inventory homes. Denton has about 450, Collin with about 500 too but also with the highest sales too. Dallas has about 320 and Rockwall less than 100.

Of course these numbers change monthly based on what sells but again more homes get released for contruction too. I would say there is a healthy demand too.

Naima

[Mrscaston]

A lot of great information, thanks.

[GreyDay]

This has been covered but here's my truncated version:

Tract Homes- think Toll Brothers (dozens of homes, similar layout, built to a price- fewer options)

Spec Homes - A builder builds 1 or a few homes. A bit more options than the spec home. A bit more in price as no economy of scale. But they've basicually put together their 'best guess' as to what a current house should look like.

Custom Home- (Barry Buford) Just that. Architects involved. Interior designers. You plan it from the beginning. You gets the the Whopper your way, but it costs. The quality is generally deemed to be much higher and a much more unique property at the end.

For instance, my daughter's room has a balcony in it and 14ft ceilings with built in dressers for storage in the closet. It limits clutter, but it's not for everyone. You likely wouldn't see that in a spec which tries to appeal to all things at once.