Speculation Home

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • spec home

Alternate Spellings

  • Speculative Developer
  • Spec Home
  • Spec Builder
  • Built on Spec

Definition of Speculation Home

  1. 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.
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