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As we get into springtime, more and more buyers and houses will be coming out of the woodwork.  You may be wondering if you should be looking at new construction or an existing house.  If you’re interested in new construction, keep in mind that “new construction” is a very broad category, where houses land somewhere between “spec home” and “custom build”.  Prices and builder processes can vary widely from home to home, so make sure you know what you want before you decide to buy.   

First: Some explanations:

• Resale: This is a home that is not brand new.  This is also known as a pre-existing home.  
• Spec Home: This is a home that the builder has finished as an example of his/her work. It’s ready to go (minus some small items).  Here, you generally cannot pick any of your finishes, appliances, etc. 
• Home Under Construction: This is a home that has been started. Depending on the stage of construction (foundation, framing, drywall, etc.), you may be able to make some changes.  The floorplan is generally set at this point, and some items may already have been ordered (for instance, cabinets must be ordered very early on in the process).  However, you can usually change some items, such as counters, flooring, and paint colors.  Based on the stage of construction, the house may not be ready for 3-6 months. 
• Custom Build: This is a home that the builder will build from scratch, just for you. You have the choice to create a custom floor plan (which will require architects and drawings), or to take an existing floor plan from the builder and customize it to your needs.  You can also choose EVERYTHING in the house, from the window type to the grout in the bathrooms.