Wilson Homes

Do you have an idea where to live? How many bedrooms and baths do you require? Are there specific amenities that you feel that you need such as a larger bathroom or fireplace? This is the time to lay out these needs for they will help to shape what sort of house to look for. The process can be easier if you prepare a "must have" list of the items that you need. This may help dictate what size and style of home you may require.

Buying a Home

Whether it is your first home, new home, or even your dream home, owning a home is part of the American Dream. This section will discuss the different types of homes that one can purchase.

Pre-Owned Homes

The most popular form of home bought is a home that has been pre-owned, or a home that was previously occupied by one or more owners. A prospective buyer may either contact a real estate agent, pick up a real estate magazine at a grocery store, or drive by neighborhoods in search of a home to purchase. The main criteria for the buyer's selection is based on location, size, and price first, followed by specific amenities they seek. Buyers of this kind are generally flexible in that a home missing 10%-20% of their sought features is not usually a deal-breaker. The purchase phase is generally negotiated by two real estate agencies representing the buyer and seller and must nail down a specific price along with any repair/upgrade allowances needed in order for the sale to be completed.

Spec Homes

A "spec" house is one that is built with the builder's money on on the builder's speculation that there will be a buyer. These home can be in established neighborhoods, amidst older homes, or on a vacant lot that has become available for sale.

Spec homes can even be found together in a "spec neighborhood" where a previous undeveloped area used to exist. Potentially a single entity owns the rights to these newly created lots. This entity can be a real estate company or a group of developers. Despite the fact that these homes are new homes, they act more like pre-owned homes than custom homes in terms of purchase and financing. One reason they are similar to a pre-owned home is that these homes are selected based on location, size, and other criteria. The process to purchase is also similar in that inspections, negotiating any repairs that must be attended to before purchase, and the loan categories are the same. The main difference is that unlike a pre-owned home, this one is new.

Custom Homes

A custom home can be anywhere you can find an available lot to purchase. In most cases, dependant on permit, zoning, and setback requirements, a custom home can be built dependant on either the future owner's or custom-home builder's requirements.

A custom home is a good choice for a buyer who has specific wants and desires in a home, yet cannot find what they are looking for in a pre-owned or spec home. Custom homes can allow for almost an endless amount of choices for what gets added into a new home.

Items such as having a double-oven arrangement in the kitchen to having cathedral sized ceilings in the master bathroom with a claw foot tub are few of the endless choices a future homeowner of a custom home make make when deciding on what kind of home they wish to live in.

Custom vs. Spec Home

The Custom Home	The Spec Home
Can be built on a lot you've picked out and possibly purchased.	Constructed on a builder's lot or by a builder for a land developer and/or real estate company.
Built under the supervision of a builder that you have screened and chosen	Builder generally supervises several homes being built in the same neighborhood.
Can be built with a grade of materials of your choosing.	Constructed with materials chosen by the builder.
More features to choose from such as adding wood floors, special carpet or French doors. It's completely up to you.	Limited choices if bought during the construction phase.
Design can be adjusted during the building process if needs change. This can include choices in floor coverings, cabinets, locations of electrical fixtures, to name a few.	Plans are generally set by a house development plan and generally conform to several other homes in the new development.
Custom home financing available	Ordinary financing available once the home is complete and home is ready for occupancy.

Copyright 2003 Wilson Homes
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