On September 17, the Federal Reserve recently—and finally—lowered the interest rate, signaling that now may be a good time to buy the dream home you’ve been wanting.
When searching for a luxury home, there are various options to consider. Whether interested in a spec home, a custom home, or a tract home, it’s essential to understand the differences to make an informed decision.
SPEC HOME
A spec home is move-in-ready and situated on a developer's purchased property. It is built with luxurious materials and features and feels custom.
One example is The Estates of Lone Mountain. The Northwest development offers affluent buyers a wide selection of custom spec homes. Real Estate Developer Kris Templeton of Templeton Development, Inc., planned one-acre, three-quarter-acre and half-acre homesites within the 40-acre development.
Affluent buyers can opt for an Estate-style home on a one—or three-quarter-acre site with a spec property designed and built by Templeton.
The two half-acre gated communities feature nine homesites.
Templeton’s turn-key spec homes feel highly customized and showcase distinctive contemporary designs, high-end finishes, sustainable construction methods, energy efficiency, and Control 4 Smart home technology with oversized front and rear courtyards. Each plan features several options, including multi-gen suites, RV garages, and an optional second story with a fifth-bedroom, lofts, and game rooms.
Another unique aspect of Templeton’s design is the use of atriums and decorative art pieces.
In addition to the high-quality interior finishes and features, exterior landscaping and amenities play a vital role in the design. Every yard is fully landscaped and distinct from its neighbors. All the yards feature a pool, spa, outside shower, RV parking, outdoor kitchens, and mature landscaping.
Purchasing one of these spec homes is like buying a traditional property. The buyer secures a mortgage through a financial institution. The benefit is that it is a quicker process than custom building. Plus, the homes are ready to move in after securing the loan. There isn’t anything the buyer has to complete before they take possession of the property.
CUSTOM HOME
Purchasing a custom home allows buyers to create a one-of-a-kind design, layout, and features, personalizing a space that fits their lifestyle. The house is built to the buyer's specifications with the architect's collaboration, allowing them to control material, layout, and amenities. Traditionally, designing and building a home costs more and takes two to three years.
Financially, there are many factors to consider when custom building. Loan options include a construction-only loan, which covers the building period, or a construction-to-permanent loan, where the homeowners make interest-only payments during the building process.
The Estates at Lone Mountain offer buyers the opportunity to bring an architect and builder to build a custom estate-style home on one—or three-quarter-acre home sites. After purchasing the chosen lot, buyers submit designs to Templeton Development for approval. Once approved, they can begin the process of custom building in the Northwest luxury community.
TRACT HOME
Tract homes are designed and built by area production builders in specific urban neighborhoods. Buyers can choose from a predetermined set of floor plans and finishes. All the properties in the neighborhood have a similar look, both externally and internally, with no customization or personalization.
Tract homes attract buyers because of the lower cost. Typically, the main drawback of tract housing is the quality of materials and workmanship.
Once the developer breaks ground, tract homes are completed quickly. Financing involves acquiring a traditional mortgage through a financial institution. Locking in the interest rate after the purchase agreement is signed is advisable.
Choosing the right home style should fit your lifestyle, budget, and timeline.
Virtue Real Estate Group can advise on different options for those seeking a high-quality home.
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