Inventory homes are also called Spec (Speculative) homes. They are constructed by the builders to have immediate availability.

If the buyer is in need of a quick move, these can be very advantageous. If not immediate, there may be others that are close to completion. At the right time of the builder's fiscal year-end, you can get some big financial perks as they want the inventory sold. This is much like the year-end in car sales moving out the present year's model to make room for next year's.

The builder will continue to sell lots for homes to be completed in the future. They schedule different sections of the property in phases. If you have the luxury of time, the buyer to pick out the lot that has the features they want. Maybe the preference is no backyard neighbors, backing up to conservation or water, or perhaps a pie shape, allowing a wider frontage or yard. Maybe where the sun rises and sets upon the property will be the dream location. Most builders now have design packages and designated lots for each along with the facade variety. That may trump for the buyer all the aforementioned lot information. However, there are some that still offer design choices or semi-custom homes.

Finally, there is Custom New Construction. You buy the lot or work with a builder who has lot(s) specifically to build custom homes. You work with an architect and design the home to every single detail that you desire.