If you’re considering building a new home to be used as a long term investment and for monthly cash flow, you have certain options that buying an existing property doesn’t provide. Namely your options. You can always buy an existing home that needs some level of rehabilitation but you’ll still bespec home vs. existing property working with the same basic floor plan.

If you didn’t use all or most of the existing floor plan you might as well consider a tear-down and start all over. With new construction, you have more choices.

Your obvious choice is what type of structure to build. Are you going to build a new single family home in an established neighborhood? Perhaps a multi-unit property such as a duplex or even an apartment building? Again, you’re the boss. Yet if you’ve got your mind set on a single family home, by far the largest class of Residential Real Estate, and you’re building new, you have two basic choices—build a spec home from the blueprints all the way to completion or choose from a set of plans provided by a builder.

Should you decide to build from an existing blueprint, you’ll find that the costs will be lower compared to a speculative home of a similar size. With an existing set of plans, you should also be able to take a tour of an existing home that was built from those plans. This is evident when you visit a new development and speak with the sales agent about various options. The sales agent’s office will most likely be located in a model home built from an existing set of plans. With a spec home, you can only imagine what the home will look like.

Yet a spec home has something that a home built from a template does not—being unique. While homes in a development may appear a bit different from the outside with slightly altered floor plans, the homes in the area will be very similar to one another. A spec home can stand out with its own design and features.