Are you looking for a home in new construction? The first thing to decide which type of home you want: a custom, standard, or tract. Do you want to design a perfect home for you or one that fits into an existing home? These are the pros and cons of starting your search to help you make a decision.

Custom Homes

You can have custom homes built. You have two options: you can either buy the land and hire an architect to help you create your vision, or you can sign a contract with a builder or developer to build a home on his land. You can work with anyone to create a home that suits your lifestyle and tastes.

Builders will often offer basic plans that you can modify for an extra cost. This could mean adding a laundry area to the main floor or a basement suite for the in-laws. Custom homes allow you to make rooms larger or smaller, change cabinets and choose bathroom tiles that will warm your feet and heart. You will be given a budget and a credit for any under- or over-budget. If you go over, the builder may charge more.

Benefits: 

You can have a huge say in almost everything. You decide the floor plan. Do you want a formal dining area or a breakfast nook. You choose upgrades based on your budget and taste. Your home should reflect your personal style and not look like any other house.

Cons:

Even if an interior designer is involved, you still have to make the final decisions. Building a custom house could seem like an overwhelming task rather than a creative challenge if you are not good at making decisions.

Spec Homes

This is shorthand for "speculative," which means that builders and developers build a single-family home, condo, or townhouse before they have a buyer. Therefore, builders create spec homes with the features and finishes that they believe will most appeal to potential buyers. It is possible to view a spec house under construction and select elements like counters or cabinets. However, spec homes come as a complete package.

Benefits: 

All the work and decisions are taken for you. This may be the best choice for you if you don't have time or the inclination to make many choices. Also, you can usually move in and make minor changes once you have the property.

Cons:

You may get lower- or middle-range flooring, countertops, and cabinets. This is a great option for a budget, but it could end up costing you more in the long term.

Tract Homes

Tract homes are often built in planned communities, usually outside of the city center. If the development is still in progress, you can choose a floor plan and buy an existing lot. Each developer offers design options that create a cohesive look.

Benefits: 

Many planned communities offer amenities such as tennis courts, swimming pools, tennis courts, and clubhouses. To make it easier to commute, they are often located near transit hubs. Planned communities are attractive because they offer great value, with builders taking advantage of volume buying to reduce material costs.

Cons: 

Making a profit is dependent on how fast and economically the builder can complete the homes. Make sure to inspect the quality of the materials and the construction methods.

Lots/Land

You have many options when you buy an undeveloped lot that isn't part of a planned community. You have two options: build your home immediately or wait until you have the money and time. Land can be an investment even if you don't build anything, depending on where it is located. Mark Twain stated, "Buy land. They're not making them anymore."

Benefits: 

Many give you the freedom to build your dream home on your own time and schedule. Once you are ready, you can choose a custom builder to make the decisions that best suit your lifestyle and budget.

Cons:

It is possible that undeveloped lots are not connected to electricity, sewerage, water, or natural gas. These services can be costly to add to your property line. In addition, you may not be able to develop the land in the way that you want due to zoning restrictions. Before you purchase, make sure to research all your options.