- 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.
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.