Is a company: no
Is a proper noun: no
- spec home
- Speculative Developer
- Spec Home
- Spec Builder
- Built on Spec
Definition of Speculation Home
- 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.
Related Terms and Acronyms
- Builder Upgrades — Definition,
- Refined features or materials that a builder offers for an extra charge.
- Pre-sold Home — Definition,
- A house that is sold prior to construction as opposed to a house built on spec.
- Starter Home — Definition,
- A dwelling that is relatively small and inexpensive and bought as a first home.
- Custom Builder — Definition,
- A contractor that constructs or remodels houses based on plans submitted by the client.
- 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.
- Built-ins — Definition,
- Items, such as appliances and cabinets, that are permanently attached to a building.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- Allowances — Definition,
- Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
- Commitment — Bank,
- A written agreement from a lender promising to lend money on certain terms for a specified time period.
- Median Price — Bank,
- 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.
- 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.
- Custom Home — Definition,
- A house built according to plans from an architect hired by the owner.
- Speculation Builder — Definition,
- A developer that builds houses without a commitment from a purchaser.