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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Speculation Home


Synonyms:spec home
Filed Under: real-estate
Tags: realty
 

Definition of speculation home

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   Refined features or materials that a builder offers for an extra charge.
  • commitment   A written agreement from a lender promising to lend money on certain terms for a specified time period.
  • custom builder   A contractor that constructs or remodels houses based on plans submitted by the client.
  • manufactured housing   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   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   A house that is sold prior to construction as opposed to a house built on spec.
  • production home   Homes that are mass produced as part of housing developments.
  • semi-custom home   A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
  • speculation builder   A developer that builds houses without a commitment from a purchaser.
  • starter home   A dwelling that is relatively small and inexpensive and bought as a first home.

More Related Terms and Acronyms

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