spec homes
Presold development houses
Spec homes are houses built by developers without a specific buyer in advance, constructed on speculation that someone will purchase them upon or before completion.
The builder chooses the design, finishes, and features based on what they expect will sell in the market.
Three spec homes in the new subdivision sold before the drywall went up.
The term contrasts with custom homes, which are built to a particular buyer's specifications.
Ready for immediate use
- floor planArchitectural room arrangement
- subdivisionPortion of something larger
- tract housingStandardized residential development
- customizableAble to be modified
upgrades · cookie-cutter · design center · master-planned community · HOA · amenities · move-in ready · options
One who erects structures
- framingStructural or contextual shaping
- foundationUnderlying support structure
- drywallGypsum-core building panels
- roofingInstalling overhead shelter material
plumbing · electrical · insulation · concrete · carpentry · blueprint · permit · contractor
Licensed property seller
- listingRecorded item in catalog
- buyerOne who acquires things
- mortgageSecured home loan
- closing costsFees finalizing property purchase
appraisal · escrow · downpayment · inventory · curb appeal · homeownership · property taxes · deed
Recognition of worth
- ROIProfit-to-cost ratio
- equityImpartial treatment or ownership value
- resale valueWorth when sold again
- capitalWealth used for investment
leverage · flipping · rental income · risk · profit margin · turnover · cash flow · land acquisition
turnkey
Ready for immediate use
- floor planArchitectural room arrangement
- subdivisionPortion of something larger
- tract housingStandardized residential development
customizable · upgrades · cookie-cutter · design center · master-planned community · HOA · amenities · move-in ready · options · showroom
builder
One who erects structures
- framingStructural or contextual shaping
- foundationUnderlying support structure
- drywallGypsum-core building panels
roofing · plumbing · electrical · insulation · concrete · carpentry · blueprint · permit · contractor · subcontractor
realtor
Licensed property seller
closing costs · appraisal · escrow · downpayment · inventory · curb appeal · homeownership · property taxes · deed · broker
appreciation
Recognition of worth
- ROIProfit-to-cost ratio
- equityImpartial treatment or ownership value
- resale valueWorth when sold again
capital · leverage · flipping · rental income · risk · profit margin · turnover · cash flow · land acquisition
- real estatehouse, apartment, property, sale, rent
- suburban homestract housing, single-family, ranch house, ranch, split-level
- developmentshousing development, condo development, master-planned community, subdivision, housing project
- dwellingshouse, apartment, cabin, cottage, mansion
- constructionconstruction site, building site, hammer, building, beam
spec, home, homes, speculate, speculation, speculative, speculator, speculators, speculating