If you’ve spent some time checking out the real estate market but can’t find a previously-owned home that reflects your needs and personal style, you might be better off purchasing a newly built home.

Buying new construction isn’t as simple as looking at a floor plan or model home and signing off on it; there are a lot of details that the builder and lender need to cover, and you could endure some delays.

Here’s a look at how you can purchase a newly built home that will suit your needs.

What Types of Newly Built Homes Can You Buy?

Your role in the construction and design of a newly built home can range from purchasing an open spot of land and helping to manage the entire project to buying a townhome, condo or home in a neighborhood planned and constructed by a builder with limited options.

There are three major categories of newly built homes, including:

• Custom. If you can afford the time and money to custom build your home, it will allow you to have a say in just about every aspect of the planning and construction. You could start by buying the empty lot and hiring a builder and architect. Then, you would consult with the builder and contractors on the size of the structure—as long as local officials approve it—as well as the exterior and interior details.
• Semi-custom. With a semi-custom home, you’re likely buying into a higher-end neighborhood owned by a developer and will have some leeway on what the home will look like. Your choices will be more limited than a complete custom build, but you would have more say than if you were buying a production home.
• Spec or production. If you’d like a newly built home but don’t want to take the time and/or don’t have the finances to buy and help design a custom or semi-custom dwelling, one that’s almost pre-built might be best. You can likely choose among a few colors of paint, types of add-ons and design models.