The advantages of a quick-possession home

Timing can be a crucial factor in determining the purchase of your new home and considering that this is likely the biggest investment of your life, everything must go just right. A spec home can help in the decision.

Building a new home from scratch where you get to choose everything from the floorplan to the finishes is the ideal many homebuyers hope for, but not everyone has the time to wait for it to be finished. Time constraints can press buyers who need the ability to move to a new home quickly, and in this situation the spec home is a perfect alternative.

The builder spec home has been a tried-and-true industry standard. A quick-possession or 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.

Spec home advantage

But what is the difference between building a home of your own from scratch or buying a pre-made one? Turns out there really isn’t much.

Both are new homes that no one has lived in before. The main difference is the time of possession. Building a new home can require a lot of patience. It can take as long as 10 months (sometimes longer) to move into a pre-sale home, and not everyone has the luxury to wait that long. Homebuilders offer spec homes as a perfect solution to the timing problem buyers may have. This also allows builders to keep their team of tradespersons employed and busy.

“Spec homes offer a fantastic opportunity for new homebuyers who are looking to move quickly without compromising on quality,” says Tara Van Horn, Director, Marketing & Communications at Coventry Homes.

“These homes are already constructed or near completion, eliminating the lengthy wait times typically associated with building a custom home from scratch. This means you can see and walk through the actual home you’re buying, ensuring there are no surprises. Additionally, as a flexible builder, depending on the stage of the build, Coventry can still offer client customization to the home where available. So new homeowners are still able to customize their spec home without going through the full pre-sale process.”

Colin Wilson, Sales Manager at Daytona Homes agrees. “Spec homes are an excellent option for new homebuyers because they offer convenience and great value. These homes are move-in ready, eliminating the sometimes-lengthy construction process”

Christian Rose, Sales Manager at City Homes, says that timeframe may be the biggest reason to buy a spec home, but there’s a lot to be said about seeing exactly what you’re getting too.

“Buyers can see exactly what they are purchasing, avoiding any uncertainty about the final product,” Rose says. “Additionally, spec homes often come with upgraded features and finishes that are included in the price, offering great value for the investment.”

Competitive pricing

Pricing between a pre-sale and a quick-possession home are on par most of the times, but there can be some cost advantages with the latter.

“There can be a cost advantage when purchasing a spec home as builders can often negotiate better pricing on materials and labor, which can translate into savings for the buyer,” Van Horn says. “However, spec homes are often priced competitively with other homes available on the market.”

Wilson points out that as spec homes go through the building process faster, there tends to be savings on costs which can be passed on to the customer. Furthermore, he says spec homes are often priced competitively to sell quickly.

“The average cost can vary depending on the size and location of the home, but buyers can generally expect to find spec homes in the range of $450,000 to $700,000,” Wilson adds.

Van Horn also notes that Coventry Homes’ spec homes are available from the high $400’s to the low $700’s and everything in between.

“The average cost of a spec home can vary widely based on location, size, and features, but generally, they are competitively priced within the market. At Coventry Homes, our spec homes are priced to provide exceptional value, ensuring you get a beautiful, high-quality home at a great price,” she notes.

City Homes’ Rose also points out that product availability, market conditions, and other factors can affect pricing of spec homes so they can be lower or higher than this average range.

Availability across Edmonton

The Coventry Group Company offers spec homes in many of the Edmonton region’s most popular new communities.

Currently, Coventry Homes has a healthy inventory of 60-80 spec homes in the ground and being built for immediate and future purchase, Van Horn says.

While Impact Homes, also a Coventry Group Company, that offers rear detached garage homes, has between 25-35 spec homes being built for homeowners looking for laned homes.

“Our spec homes are located in 19 of the most sought-after communities in Edmonton and the surrounding area. You can find Coventry Homes in neighborhoods like Crystallina Nera, Keswick Landing, and West Secord. Impact Homes are available in equally desirable communities, including Marquis and Nouveau in St. Albert. Each community is selected for its great amenities, family-friendly environment, and proximity to schools, shopping, and recreational facilities,” Van Horn says.

“Coventry Homes offers a diverse range of spec homes, from single-family houses to duplexes and townhomes, each designed to meet the needs of modern families. Impact Homes has specialized in rear detached spec homes, often called laned homes, for over 20 years.”

Daytona Homes offers a wide range of home types for their spec homes, including single-family homes laned and front garage, duplexes, and townhomes. City Homes has single family laned homes and front garage as well as estate homes.

Between Daytona Homes and City Homes - both are under the Tacada Housing Edmonton banner – typically offer close to 100 spec homes in the metro Edmonton area.

Wilson says Daytona Homes’ spec homes can be found in several vibrant communities, including Ardrossan, Chappelle Gardens, Crystallina Nera, Ellis Greens, Saxony Glen, The Orchards at Ellerslie, The Uplands at Riverview, Hillshire in Sherwood Park and Jensen Lakes in St. Albert. While City Homes also offer them in Chappelle Gardens, Crystallina Nera, Edgemont, Glenridding Ravine, Jensen Lakes, St. Albert, Kinglet by Big Lake, Riversgate in Sturgeon County and Salisbury in Sherwood Park, Rose says.

Last word

Coventry Homes’ spec homes are thoughtfully chosen to meet the current and future needs of homeowners, Van Horn says. “Our Interior Designer carefully selects the interiors for each home, ensuring that no two spec homes are exactly alike—each one is unique in its own way,” she adds.

“As a flexible builder, we also offer varying degrees of customization and additions to our spec homes, provided the timelines align. This way, you can still make personal touches and changes to your home, ensuring it perfectly suits your lifestyle.” Find out more at coventryhomes.ca, and impacthomes.ca.

Comfort is the underlying theme in Daytona Homes, and their spec homes are no different.

“Our spec homes are thoughtfully designed with your family’s comfort in mind, offering functional and comfortable living spaces built with care,” Wilson says. “With over 30 years of superior craftsmanship, Daytona has been working alongside families to make their goal of homeownership a reality. Our homes cater to various lifestyles and are priced right, ensuring exceptional quality. We are committed to quality craftsmanship and customer satisfaction, ensuring that each home is built to the highest standards.”

Rose says City Homes designs – whether pre-sale or spec – are all predicated on what buyers want. “Our designs have been created through inspiration from our homeowners throughout the years. We take feedback every time we build a home and often adjust our plans according to what we hear out there,” Rose says.

More information can be found at daytonahomes.ca and cityhomesedmonton.ca.