Finding your new construction dream home is a thrilling experience. If you relish the idea of choosing among different floor plans and avoiding the competition of bidding wars, then you are among the savvy homebuyers who explore inventory homes.
These ready-made new construction homes offer a shortcut to homeownership, providing an exciting alternative to the traditional home-building process. Quick move-in homes also offer the same convenience of a resale home without the fear of a long list of flaws after a home inspection.
Today we’ll navigate the landscape of inventory homes, unveiling the perks, considerations, and the art of finding the perfect move-in-ready gem. So, buckle up as we delve into the wonderful experience of shopping for inventory homes!
What are inventory homes?
Inventory homes, also known as spec homes or move-in ready homes, are new construction residential properties that are built without a specific buyer in mind. The amount of inventory homes built are based on the builder’s estimate of housing demand in the area. These homes are either ready for occupants or are in the process of being built. The features about inventory homes include:
1. They are new construction homes ready (or almost ready) for sale.
Inventory homes are either complete or nearly complete, making them ready for your offer. This is a much faster timeline compared to a custom-built unit for a specific homebuyer.
2. You usually have limited customization options.
While some builders may allow limited customization options for inventory homes, buyers generally have less flexibility in choosing specific features and finishes compared to building a custom home.
3. You can usually tour the home.
Inventory homes serve as showcases for builders to display their craftsmanship, design, and the features they offer. Buyers can physically tour these homes to see the quality of construction.
4. Many spec homes come with lucrative discounts and deals.
Builders may offer incentives or discounts on inventory homes to encourage quick sales and clear their existing inventory.
How do I find an inventory home?
The easiest way to find an inventory home that suits your needs is to work with a realtor who specializes in new construction. Real Estate professionals tend to focus on a few areas of expertise due to the complexity of various asset classes. A real estate agent with experience with new homes from builders will provide a much smoother experience compared to an agent new to the process.
If you prefer to explore homes on your own first, you can easily search among active listings on Zillow, Realtor.com, and other lDX listing websites. Here you can look for new construction homes according to location, square footage, and other metrics that are pertinent to your decision. Whether you want a single-family home or townhome, there are builders out there who are actively constructing residences for future homeowners like you.
Do inventory homes offer any special deals?
Oh, do they ever! America’s top builders often provide a variety of deals and incentives to attract potential homebuyers and boost sales. These builder incentives can vary based on market conditions, the builder’s priorities, and the type of homes for sale. Here are some common deals that builders may offer:
1. Price Cuts
Builders may offer price reductions as a promotional strategy and to move inventory quickly. This could be in the form of a percentage discount, a fixed amount off the total price, or special pricing for certain phases of construction.
2. Mortgage Interest Rate Buydowns
While a price cut is great, getting a lower interest rate through a rate buydown can save homebuyers more money. This means they can go after a house with more sqft and look at homes priced at figures even higher than they originally imagined they could afford. Builders might offer to lower the buyer’s mortgage interest rate for a specific period, making homeownership more affordable in the early years of the loan.
How is this possible? Builders may have preferred lenders with whom they have established relationships. Choosing one of these lenders usually gives the buyer access to the best incentives or discounts.
3. Upgrades, Builder Credits, or Customization Packages
Some builders provide free or discounted upgrades or customization options to make the home more attractive to buyers. This could include features like:
- Appliance Packages: Builders may include complimentary or discounted appliance packages, such as new stainless steel kitchen appliances, to sweeten the deal for buyers.
- Home Warranty: Some builders offer extended home warranties, providing buyers with added peace of mind regarding the quality and durability of the home’s construction. No matter what though, most builders offer a standard structural warranty to the homebuyer.
- Builder Credits: Builders may provide credits toward closing costs, upgrades, or other expenses associated with the home purchase. These can add up to thousands in savings!
When you explore inventory homes, which are often ready for immediate occupancy, builders may provide even more incentives to expedite the sales process. However, it’s important to always carefully review the terms and conditions of any deals offered and to work closely with a real estate professional to ensure a clear understanding of your potential benefits.
Inventory Homes for Sale Near Me
Buyers interested in a faster and convenient new construction home-buying process can find inventory homes the ideal choice. Make sure to carefully review the home’s specifications, features, and any available customization options before deciding to purchase an inventory home.
If you need a starting point, Marketplace Homes is a brokerage that specializes in new construction. We can help you get started today on your new construction inventory home search!
