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Arizona spec home financing: A Brief Guide to Speculating
Many spec home builders might spend all their time speculating, and continue to speculate long after they’ve begun their projects. Learn how you can avoid these pitfalls when it comes to Arizona spec home financing.Many first-time spec builders are tempted to, well speculate. They might buy a piece of land in the middle of the desert hoping one day to build a house there. They might plan to construct a postmodern citadel, with floor to ceiling windows, in the middle of a working-class neighborhood.
Worse they might continue to speculate well into their project, deciding against a particular set of finishes, or deciding to shift a window over three-quarters of an inch because they prefer a slightly different view.
When it comes to building spec homes, you can’t afford to speculate this way.
Here's some things you shouldn’t do with spec-home financing • Buy Undeveloped land- You might finance the purchase of an undeveloped patch of wilderness. Spending hundreds of thousands of dollars expecting the city to come through and lay the groundwork for roads and utilities. But this might never happen, so what you’ll end up with is a useless patch of dirt and a loan you can’t pay back.
• Build Extravagant Homes-You ... more

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