What is a Spec Home?

FAQ: What is a Spec Home?

New homes that are sold while under construction are referred to as Spec Homes.

Spec Homes are a fabulous option for those who want the benefits of a brand-new home without the wait! Why? Because you skip the entire pre-construction phase of researching, planning and awaiting permits for the build.

Depending on the stage of construction, the majority of design decisions will already have been made for you by our experienced building and design team. This means you won’t have the same flexibility to make plan changes that you have with one of our house and land packages. The plus side to this is that you needn’t rely on plans and colour swatches to imagine what the home will look like. You can actually walk through the property as it is taking shape!

From a financial perspective, buying a Spec Home is much simpler than a typical new home contract. All our Spec Homes are sold with settlement upon completion so that you can avoid potentially complex lending arrangements and progress payments.

Whether you choose a Spec Home or a Lansell House and Land Package will depend on your personal needs and preferences.

If you’re the type of person who enjoys being involved at every step in the process, a new build might be the way to go. For buyers who want a more streamlined build, investors who don’t want to have their money tied up during a new build process, and or first home buyers who want a new home without having to pay progress payments and rent, a Spec Home is an excellent option. Either way, it pays to consult with an experienced builder like Lansell Homes – who have a proven track record, are customer focused, financially secure and experienced in Spec Home construction.

Spec Home Bathroom Detail — You can actually walk through the property as it is taking shape!

At Lansell Homes, we build premium quality new homes to a Fixed Price with everything included so that you truly move in with nothing more to do!⁠

Learn more about taking your build to a level of completion well beyond all other Bendigo builders; contact us today.

What is a Spec Home?

A spec home, short for "speculative home," and is a property that a builder constructs without having a specific buyer in mind. These typically sell well before the home is completed.

How is a spec home different from a custom home?

The main difference between a spec home and a custom home is that a spec home is built before a buyer is found, while a custom home is constructed based on a pre-identified buyer's specific requirements and preferences. Spec homes are built based on the builder's vision and are often designed to appeal to a broader range of potential buyers.

Who builds spec homes?

Professional homebuilders or developers with experience in the construction industry typically build spec homes. These builders invest their own capital in the hope of making a profit by selling the completed homes.

Why do builders construct spec homes?

Builders construct spec homes for several reasons. It allows them to showcase their craftsmanship and design capabilities to potential buyers. Additionally, building spec homes can help them generate revenue and mitigate financial risks by having properties ready for sale. Spec homes also serve as inventory for builders, making homes available for immediate purchase by homebuyers who do not want to wait for a custom-built home.

Can buyers make modifications to a spec home?

Generally, spec homes are built with a specific design and set of features the builder chooses. However, buyers may have limited opportunities to make certain modifications or select finishes depending on the construction phase and the builder's policies. It is important for potential buyers to inquire about any flexibility or customization options available before purchasing a spec home.

Can spec homes be purchased before completion?

Yes, it is possible to purchase a spec home before it is fully completed. Buyers interested in purchasing a spec home early in the construction process may be able to select finishes and make certain customisations. As well as reduce stamp duty. However, the level of customisation availability varies depending on the builder's policies and the construction stage.

Current Spec Homes For Sale In Bendigo