Louis Paolino, a senior business executive with more than 35 years of experience, serves as the CEO of Paolino Development, a luxury real estate development and investment company based in Miami Beach, Florida. Over the years, Louis Paolino has added numerous types of assets to his company’s portfolio, including high-end speculative (spec) homes.
These homes are not built with a specific client in mind. Rather, builders construct them based on their belief that they can eventually find a buyer for the property. With this in mind, developers usually design spec homes with a broad appeal. This increases the chances that the home will sell for a profit.
Further, builders have primary control of the floor plan and overall aesthetic of a spec home. Still, buyers get some say in the materials, paint, and tiles used if they purchase the property early in its construction. This gives the house a semi-custom feel. If no one buys it during its development, builders instead sell it as a completed, ready-to-move-in home.
In contrast, custom homes offer people the greatest amount of flexibility when it comes to creating the house of their dreams. These one-of-a-kind residences are constructed on land that the buyer has already purchased, thus ensuring they have total control over the development of the property. Due to this, homebuyers have a say in nearly everything relating to the home, including its layout, building materials, number of rooms, and fixtures.
Since custom homes can be made to a buyer’s exact specifications, they are perfect for very detail-oriented individuals. All floor-plan modifications, exterior-material changes, or alterations in building materials must be approved by them first.
