How to Buy a “Spec” or Model Home

What should you expect when you buy a model or “spec home” from a builder?

A model home features upgrades to show the builder’s floorplans to advantage. If you can wait until the builder sells all their inventory, you may get the model at the initial offer price and with more upgrades than other homes in the neighborhood.

A “spec” home is move-in ready. The clock is ticking on the builder’s bank loans, materials and labor, so if you’re preapproved by a lender and have no contingencies to delay closing, you can move in quickly.

Many builders have their own contracts, so you should be represented by your BHHS Great Smokys Realty professional. Builders won’t negotiate price because of other homes in the subdivision, but your agent may be able to negotiate free or at-cost upgrades like adding a fence or back yard sod. The agent can help you negotiate better terms, see you through inspections, and make sure the builder performs as expected.

Shop for new homes with your real estate agent. If you can’t, inform the builder or their in-house salesperson that you’re represented and offer your agent’s contact information. Remember, builders won’t pay the agent’s commission if you bring them in after you’ve already toured the model or spec home.

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Posted in Homebuyer Advice, News.