Are you planning to go house hunting?
Having conversations with developers, you’ll encounter different real estate terminologies that you haven’t heard before. To avoid getting confused, it is a good idea to learn them beforehand.
One of these terms is “Spec Home”. It refers to a new property that is already completed or in the process of completion before it’s sold.
The design, layout, and features are not specified by the buyer. Instead, they are based on “speculation” by the builders on what they hope will be appealing to home shoppers. Thus, the name Spec Home.
Benefits of a Spec Home
A spec home has many benefits both to the builders and home buyers. For home builders, this type of dwelling is much easier to plan, and is cheaper to build.
As for the home buyers, here are some of the advantages that you’ll get with spec homes.
1. Awesome home design
The builder’s team has designed and picked the features of the spec homes to perfectly capture the interests of property buyers. This will save you a great deal of effort to research home designs or money to pay for professional designers.
2. Savings on home accessories
With the builders’ purchasing power, they can buy high-end items included in spec homes for a cheaper price. These items are far more expensive when bought individually. The savings that the builders get will be passed on to the home buyers.
3. Avoid the long wait
Since spec homes are already built or in the building process, you don’t have to wait for many months to live in your new home. This will also allow you to see exactly what you are getting for your money compared to looking at a picture or a building plan.
4. Earn profits immediately
If you are an investor and plan to have the property for rent, you’ll get the return from your investment right away with spec homes as they are already built and ready for occupancy.
Spec Home Vs House and Land Package
A spec home differs from a house and land package because the latter is still in the planning stages when put up for sale.
House and land packages are often offered with a basic package, which will be modified or enhanced according to the buyer’s preferences.
This is the reason why a house and land package also takes time to build. It has longer planning and building processes, which means you need to wait for months before you can see the end result.
You may also experience delays and budget adjustments with this type of property, should external issues arise like bad weather and construction problems.
Spec Home at The Waters Ooralea
If you want to buy a spec home in Mackay, then there’s no better place to look than The Waters Ooralea.
Our master-planned residential community currently has a stunning low-maintenance spec home under construction, which is now on sale for just $429,000.
The property is move-in-ready upon completion and is perfect for all types of property buyers.
With four built-in bedrooms, covered outdoor entertaining area, remote double garage and landscaping; this spec home offers excellent value for money.