Advertising And Selling My Ifrst Spec Home.
I have a my 1st spec home under construction and it should be done in 3-4 months. what would be some good ways for me to be competitive with an extremely active building area. I have a local builder as GC and I will finance, sell it, and divide our profits as per contract. Main thing is, I don't want to be looking at a potential mortgage after the construction loan is due (Dec 04). My plan is to sell this and build 2 more and sell them this year. Any suggestions are welcome.
I hope I am not out of turn posting here, but exactly what is a "spec house"?
Thanks
You have to be prepared to hold the property for 4-6 months after construction is complete. Some of the things you want to do is make the home liveable by placing a mirror in the bedroom, flowers on the kitchen counter, and shower curtains in the bath. If you can find a buyer before the home is completed then you've hit the jackpot. But make sure you don't make any changes to the home for the buyer unless they pay "up-front" for those changes. You can lose out big time by painting the house a certain color only to have the buyer weasel out of the contract. To answer the other poster's question, a spec home is one that is built on "speculation". The investor/builder expects to sell the home without having a bonafide buyer before breaking ground.
I build and develope single family houses both custom and spec. On a spec house start your marketing as soon as the house is dried-in. This gives your buyer a chance to choose upgrades in the house that will increase your profit.