Nothing is quite as exciting as moving into a brand-new home. At first, you’re occupying bare walls and floors, but it’s like having a blank canvas to fill in with a lifetime of memories. It’s all up to you, so you better know what you’re getting to avoid surprises in your newly built home.
With housing inventory so tight in Southern California, opting for a new home could be a viable option for those with the determination and financing to #FindYourPerfect. Let’s take a look at the primary types of new homes that get built, along with the pros and cons of each. Need advice or want to see what’s available? We are proud to introduce our New Homes Division, which represents some of the most respected builders and developers in Southern California. Connect with a new-homes specialist by visiting the New Homes Division website.
These types of homes are built for you and with you. You collaborate with a builder or developer to construct a home that accommodates your tastes and lifestyle. You buy the land and hire an architect and builder to help create your personal vision, or you can enter into a contract to create a home on land the developer or builder owns.
Builders often provide basic home plans you can tweak for an additional cost. That could mean adding a laundry room on the main floor, or an in-law suite in the basement. You can make rooms bigger or smaller, upgrade cabinets, and choose the bathroom tile. The builder will give you a budget for each finish, and then apply a credit if you go under or charge you more if you exceed the limit.
“Spec” is short for “speculative,” because they’re constructed by builders or developers before they have a specific buyer. Typically single-family homes, townhouses, or condos, spec homes contain features and finishes the builder thinks will appeal to the greatest number of potential buyers. You might be able to find a spec home under construction and given the chance to specify some elements such as counters and cabinets. But typically, spec homes are sold as a completed package.
Developed on large tracts or parcels of land, tract homes are usually built in planned communities in a city’s suburbs. You could buy an available lot and then choose a floorplan if the development is underway, or purchase an already-built home in the tract. Each developer provides design choices that establish a consistent look and feel.
Buying an undeveloped lot that’s not associated with a planned community gives you plenty of options. You can build a home right away, or wait until you have more time and money. Even if you build nothing, land can be a smart investment, depending on the location.
Want to know more? Get in touch with one of our New Homes Division specialists.