Custom Home vs. Spec Home: Which is the Right One for You?

When you're in the market for your dream home, you'll need to make several decisions. The first question you should consider is whether you want a custom home or a spec home. Each option has its own advantages and disadvantages, and it's essential to know which one fits your needs. To find the best route to your dream home, you should be aware of the facts that can help you make this choice.

What Is A Custom Home?

As the name suggests, a custom home is built to match your needs and wants. The builder collaborates with the buyer to help them create the exact home they want.

Having a custom-built home is much more than picking out the number of bathrooms you want. A custom home enables you to choose the lot you want as well as the location, ensuring that you have access to the area that's most important to you.

Once the location has been chosen, you can pick a floor plan that you love, with the exact number and arrangement of rooms, how many windows you want, the kitchen setup, and more. You can also select the materials and finishes you want, from the exterior to the cabinets. 

What Is A Spec Home?

The term "spec" stems from "speculative," implying that the builder intends to impress a broad audience. This may be because they want a model home for potential buyers to tour, so they can get a feel for the builder's style and standards.

Often, builders construct spec homes simply because they expect enough buyer demand for them. In this case, it's sometimes possible to customize a few details, such as paint colors, if the home is purchased before the building is complete.

In general, a spec home is the builder's best guess about what a homebuyer may want. 

Custom Home vs Spec Home

Let’s take a look at some of the biggest differences between a custom home and a spec home.

Customization

• Custom Home: Offers complete control over design, including architecture, floor plan, materials, and finishes.
• Spec Home: Builder-determined design with minimal customization options.
  
  

Cost

• Custom Home: Generally more expensive due to unlimited customization options, but considered a valuable investment for a personalized lifestyle.
• Spec Home: More affordable, as builders design and construct multiple homes in a single development.
  
  

Timeline

• Custom Home: Longer construction time due to complex designs, permit acquisitions, and inspections.
• Spec Home: Faster construction as developers usually have necessary licenses.
  
  

Pros

• Custom Home: Tailored to match the owner's luxury lifestyle, customizable details (e.g., ceiling height, closet positioning, cabinetry).
• Spec Home: More affordable, fixed cost, move-in ready, suitable for quick relocations.
  
  

Cons

• Custom Home: Higher cost, potentially unfeasible for first-time buyers, longer to start and complete.
• Spec Home: Predetermined design, may require inspections to meet personal standards.

When it comes to choosing between custom and spec homes, custom homes are undoubtedly the best option. They offer flexibility to customize every aspect of the design to meet your unique and luxurious needs.

If you reside in Minnesota and believe that a custom-built home is the perfect option for you, then we invite you to get in touch with us at Price Homes. We are more than happy to guide you through your choices and demonstrate to you how we can help you achieve your dream home.