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Spec House Definition

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Spec buildings are those built by a licensed contractor on his/her own land for the purpose of resale when there is not a custom contract. Prior to January, 2003, certain counties allowed the provisions for contractors to spec build in their county of residence. However, legislation was put in place to allow these.

Spec Homes VS. Custom Homes: The Differences "Builder grade" or "contractor grade" is defined as inexpensive products made from low-grade. When you purchased your home you made an investment.

I have just read your article on Spec Homes/Custom Homes. We have 4 lots that we purchased in different locations and thought we would try a spec house on one. We understand about the budget for a 3,000 ft. home, plus selling price and anticipated profit, but we also had closing cost, architect fees, drive permit, cost of land, clearing, rough.

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By definition all items in these example specifications will need to be changed to meet the specific needs/desires of the home you are building. The alternative language in red, is provided for items that you could decide to remove from the bid specifications, as discussed in the Home Building Guide, for purposes of saving money. specifications.

You would have to work pretty hard to show your intent was to hold when building a "spec house". Almost by definition a spec house is one you build intending to sell. So, taxable as ordinary income plus you will pay self employment tax. Doing it inside an s-corp or llc taxed as an s-corp might let you avoid part of the SET.

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A home that is built for a homebuilder according to their specifications without a sales order

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