Speculation Home

Definition

  • A house that has been constructed without a specific buyer in mind, built on the assumption that a buyer will be found. "Spec" homes are built based on a homebuilder's knowledge of an area and the local expectations in order for the property to have the best chance to sell.

Synonyms
spec home

Alternate Spellings
Built on Spec, Spec Builder, Spec Home, Speculative 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.
  • Builder Upgrades Definition,
    • Refined features or materials that a builder offers for an extra charge.
  • 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.
  • Median Price Definition,
    • In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
  • 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 Builder Definition,
    • A developer that builds houses without a commitment from a purchaser.
  • Starter Home Definition,
    • A dwelling that is relatively small and inexpensive and bought as a first home.
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