Spec home or build new?

Hopewell Residential

SPEC HOME OR BUILD NEW? WHAT EXPERTS SAY

by PEPPER RODRIGUEZ

To paraphrase the movie “Field of Dream”: “Build it and they will come.” That seems to be the entire idea behind spec homes.

A spec home is industry speak for a home that is built before a homebuyer makes a purchase. It is constructed using builder specifications (hence, “spec”) and most are move-in ready or at least available for a quick possession. Homebuilders offer spec homes because not every homebuyer has five to eight months to wait for their new home to be built. This also allows builders to keep their tradespersons busy.

So, what’s the difference between building a new home for yourself or buying a spec home? We’re glad you asked. We spoke to a couple of homebuilders to give us some tips and insights on the difference between the two.

EXCELLENT TIMING

As in all of life, timing is a major part in the home-buying decision. Depending on a buyers’ circumstances, a spec home where they can move in relatively quickly might be better. Or if they have the time and customizing or personalizing the living space is important to them, then going the pre-sale route may be more applicable.

“It all comes down to what the client’s needs are,” says Robin Nasserdeen, Director of Sales at Coventry Homes. “The one thing is that whether building a pre-sale home, or buying a spec home, you are still getting a new home that no one has lived in before. You get the full value of a new home.”

The common misconception, he says, is that spec homes are of less quality. “That’s not true at all, at least the way Coventry Homes makes it,” he says. “One’s not better than the other, it simply depends on what the client needs

at the time. Either way, both are new homes that have more value than, say, a resale home.”

FINISHED PRODUCT

A spec home – depending on the stage of construction you purchase it – has all the preconceived designs and options included already. Nasserdeen says Coventry Homes has the flexibility to offer a few changes to the buyers, depending whether the home being constructed is already in the framing stage, or drywall stage, or if the foundation had just been dug.

“We make the decisions on which finishings to include in our spec homes based on realtime customer feedback that we get as one of Edmonton’s premier homebuilders.”

For a pre-sale home, the buyer does indeed get the freedom to select all the finishings they want for their home. “While for a spec home, we make those decisions ahead of time,” Nasserdeen says.

CHOOSING WELL

Hopewell Residential Edmonton has a wide range of spec homes available in the three communities where they build in Edmonton. Townhomes, duplex homes, duplex and front-attached garage homes are available in Maple Crest, Citadel and Secord.

According to Kevin Wong, Hopewell Residential’s Area Manager in Secord, there are three main points when comparing pre-sale and spec homes: timeline, features and price.

“Spec homes are convenient for new homeowners who want to move in quick. Plus, there is the added bonus of seeing your new home as a finished product,” he says.

“New builds offer flexibility in option selections, lot, and design. When you build your home from scratch you can tailor colours and upgrade your floorplan to suit your needs. Plus, you get to pick the perfect lot for your lifestyle. Lot options can come down to lowest price, south-facing backyards for more sunlight, or corner lots with additional windows. When it comes to price, a new build offers the flexibility to plan and save for a larger down payment or to help with moving costs.”

EXPERT ADVICE

Kathleen Wong, Hopewell Residential’s Area Manager in Citadel, adds that it is also important to work with an experienced mortgage specialist in any case.

“Whether you’re building a new home or buying a spec home, we always recommend working with an experienced mortgage specialist,” she says. “It’s important to know that the mortgage rate may be different between spec homes and new builds. With spec homes you can typically take advantage of mortgage rate specials and lock in a specific 1-3 month rate hold. When you work with one of our trusted and experienced mortgage specialists you can ensure you’re getting the best rate even on a newly built home.”

“Hopewell continues to build a number of comfortable, affordable and made to live spec homes in our most popular floorplans and with designer selections and finishes. We build several of our most popular models as spec homes in each of our communities every year.” said Kathleen Wong, Citadel Area Manager at Hopewell Residential.

LOCATION’S ROLE

Coventry Homes builds in some of the best communities in Edmonton and this plays a crucial role in their business. They build spec homes in all of them, and Nasserdeen says that for 80 per cent of the time, the spec home is sold before completion.

Key to that success is the communities they build in. “Buyers looking for their home first check out the area, then the specific community and then the home,” he tells Edmonton New Home + Condo Guide, and it helps when the communities they are building in are already some of the best in the city.

Coventry Homes

For more information about Coventry Homes, go to www.coventry-homes.com. For more information on Hopewell Residential’s offerings, go to www.hopewellresidential.com.

pink in the Written by C. MARIE HEBSON

BEAUTIFUL, CONFIDENT, SEXY - PINK!

This colour excites and inspires me. Don’t be shy, be bold in your colour choices. There’s only one design rule to follow - make a commitment to your colour and thoughtfully repeat it. You can soften your pink to

Benjamin Moore’s First Light 2102-70 or crank it up to pure Magenta!

May your entire year be filled with glorious, gorgeous colour!

Area rug…

Superimposed black and white photograph over a tone-ontone medallion. Great way to inject colour into your space even if you have wall to wall carpet.

Accent Chairs…

Afraid to commit big? Go with a couple of accent chairs, makes a statement without the commitment.

Wallpaper-Murals…

I’ve used wall murals for a few years now, and they never cease to amaze. Here a scan of pink onyx, then duplicated into a Rorschach pattern. Tres chic, nes pas?

The loft…

It would take a confident man to live in this space, but if he loves his woman, he’ll let her have her pink! Saturating your tone of pink takes it from pretty and feminine to rock hard and confident. Paired with raw grey wood and black this couldn’t be more perfect.

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