If you cant find your dream home on the market or if you want to create a home thats uniquely yours, you might consider building a house. Buyers who decided to build new homes were more likely to say that selecting the floor plan, having everything in the home be brand-new and customizing their home features were among their top reasons.* Before deciding if new construction is for you, youll want to learn about the different types of new-home construction and familiarize yourself with the process, from the initial land search all the way to selecting finishing touches.
Typically, when someone says theyre planning to build their own home, they are referring to a fully custom build where they have a say in almost everything (short of items restricted by local laws and zoning regulations). But, in the realm of new construction, there are three different approaches buyers can take:
Spec homes. With a spec home (short for speculative home), a home builder designs and constructs a single-family home without having one individual buyer in mind. Instead, they plan on selling the house to a buyer once its finished. Depending on how early in the process you are able to go under contract, you may be able to select some of the homes final touches, like flooring, kitchen appliances and paint color. Sometimes these homes are listed for sale as pre-construction.