What is a Spec Home?
To start, a spec house (short for speculative house), is a new house constructed on the speculation that it will sell easily for a profit. Theresa & Company designs these move-in-ready homes to be as appealing to home buyers as possible.
In other words, a spec home is built on the speculation of what home buyers are looking for. For example, we include ample amenities and upgrades, or build a spec home in a quality neighborhood. Our team takes careful note of the real estate market and trends to determine where and what to put in our spec homes.
How To Buy A Spec Home
The process of purchasing a spec home is similar to that of a traditional property. You need to decide how to finance the home purchase and what type of mortgage works best for you. A benefit of buying a spec home is it’s often a quicker process than buying a custom or new construction home.This is because spec homes are move-in ready. To accelerate your home-buying process even further, you can start by getting an initial mortgage approval before starting your search. If you know you want to buy a spec home, starting the approval process and getting Verified Approval shows that you’re a serious homebuyer. It can also give you a competitive advantage when you decide to make an offer on a spec house.