Constructing a List of Pros and Cons.
Many homeowners spend a significant amount of time researching whether to buy an existing spec home from a builder or build a new custom home. Hours can be spent drawing up the pros and cons for both, and the decision-making process can feel a little overwhelming. When it comes to getting what you want, there’s really no one-size-fits-all solution. It really depends on a variety of factors and your current situation in deciding whether to house hunt or build a new custom home.
As experts in the Texas housing industry and with our home base right here in Granbury, we’d like to make the process of discovering which solution is right for you a little easier—and dare we say it—enjoyable. Read on to discover the pros and cons of both sides.
Pros of Buying a Spec Home
Convenience
Certainly one of the conveniences of shopping for a pre-existing spec home is the ability to filter available houses based on location, amenities, square footage, and price. You don’t have to find land because the spec house is built wherever the builder has purchased lots. Once you find a house that checks your boxes, moving into your new home is usually a streamlined affair based on your closing date.
Timing
Most owners move into their homes within a couple of months of signing a contract because they are dealing directly with the spec home builder in most cases. Buying a pre-existing spec home is very convenient in terms of timing, and ideal for those on a tight move-in schedule.
Cost
Factoring in various items like the current real estate market for your intended location as well as overall square footage, buying a spec house can be less expensive initially than building a custom home because the house is sold as is with no customization options.
Cons of Buying a Spec Home
Bidding Wars
The tight demand for properties in certain locations, like here in Texas, has caused bidding wars or competition among multiple would-be buyers who try to outbid each other, driving up the home price. Not for the faint of heart, Texas’ competitive real estate market continues to thrive with two of the Lone Star State’s biggest cities on the top ten of highest bidding war rates. We foresee this to be a continuing issue that overflows to other cities in the Texas market.
Compromises
No Personalization
Unlike building a custom home that is suited to your individual style, spec homes are designed and finished in a style that is best believed to make it marketable to a wide variety of buyers. You won’t have any say in what the finished home looks like.
Pros of Building a Custom Home
Customization
Building a custom home is perfect for those who crave absolute control. When you work with a custom builder, you get to call the shots on what your dream home looks like. Besides designing the rooms within your blueprint, you get to decide the luxurious details in your custom home that add the wow factor. A custom home design gives you the freedom and creativity to construct a luxury home that serves you and your family for years to come.
Location
Flexibility in location is one of the many factors that people love about building a custom home. When paired with the right custom home builder, the homeowner can design a home on their own land or choose among various properties and locations the builder has available. You aren’t tied down to just one locale when you choose to custom-build a home—the options are endless.
Emotionally Satisfying
There’s nothing quite like that new house smell and knowing that you are about to inhabit a dwelling that no one else has made their mark on. Knowing that you invested time, energy, and love into the unique creation of your dream home is something you can’t put a price tag on.
Cons of Building a Custom Home
More Work
Even with a capable and responsible custom home builder, you’ll be more involved in the construction of your home than you would be if you bought an existing home. Numerous decisions will need to be made, some of which may appear unimportant but are actually very important for your future satisfaction in your home.
Extended Time Frame
A house takes time to be built and you don’t want any corners cut on your custom home. It’s possible that the actual day you move in is later than you’d want based on a variety of unforeseen factors like sourcing high-demand construction materials or weather delays.
Higher Initial Price Tag
Building a custom home may be initially higher than buying a spec house off the market. When you factor in many custom home-building variables and personalization options, you may end up with higher sticker shock than buying a spec home.
Conclusion
While making the decision to purchase an existing spec home or build a brand new custom home is a highly personal decision, we hope this has been constructive information that will help guide you through your decision-making process. Our team at Couto Homes is always ready to help answer any questions you have about the custom home-building process and about the land we have available here in Granbury.
If you’re ready to talk to someone today about your next step in building a luxury custom home in Granbury, reach out, today.