Custom homes are built specifically for you. You can buy the land, hire the builder, choose your own architect, and build a home that is most suitable to you. Builders often have a basic plan that you can add or remove things for at an additional cost. You will have to make decisions on everything from flooring, cabinets, tile, colours, appliances and all the way to room layouts and landscaping. Before embarking on this adventure, make sure that you are a person that is capable and ready to make all these big and little decisions. This is supposed to be a wonderful opportunity, not a chore. Building a home of this style will reflect all of your personal tastes!
Spec homes are built without having a specific buyer. Builders need to decide ahead of time what features and finishes will appeal to the greatest number of people. Sometimes you might find a spec house under construction and upon purchase you can jump in and make some choices and decisions yourself. This type of home is usually move in ready (or almost move in ready) which is great if you are not inclined to make many decisions on the building of the house. Buying an undeveloped lot is also an option. You can build on your own schedule and with your choice of builder. Some issues to consider are if the electricity, sewer, water and gas are costly to bring up to the property and zoning issues can prohibit certain building to be done.