- A home builder that erects a house without having a commitment to buy or lease from a purchaser or tenant.
spec builder, speculation developer
Related Terms and Acronyms
- Allowances — Definition,
- Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
- Built-ins — Definition,
- Items, such as appliances and cabinets, that are permanently attached to a building.
- Commitment — Definition,
- A written agreement from a lender promising to lend money on certain terms for a specified time period.
- Custom Builder — Definition,
- A contractor that constructs or remodels houses based on plans submitted by the client.
- Custom Home — Definition,
- A house built according to plans from an architect hired by the owner.
- Manufactured Housing — Definition,
- Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
- Pre-sold Home — Definition,
- A house that is sold prior to construction as opposed to a house built on spec.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- Semi-custom Home — Definition,
- A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
- Speculation Home — Definition,
- A house built before a buyer has been found, on the assumption that one will be found.
- Starter Home — Definition,
- A dwelling that is relatively small and inexpensive and bought as a first home.
- Subcontractor — Definition,
- A person or company that does specialty work for a general contractor.