You have lots of flexibility in deciding how detailed you want to be on your selection template. Some builders, particularly those with a finite number of floorplans and options, have very detailed template items that need little or no tweaking when they are copied to a project.
Other builders, especially those doing highly custom jobs, may include only a title. Otherwise, they set the item as “Choice to be entered by client” with a price of TBD. Everything else is filled in later.