Home building terms
Easement:
A right given to a third party to use a portion of property for certain purposes, such as power lines or water mains.
Elevation:
The exterior face of a home, including the materials (like brick or stone) used on that face. At Woodcrest Homes, you get to choose from different elevations, or architectural styles, in addition to a selection of colors (siding, fascia, trim) for each of our plans. So the house you buy will look like your house, not the one next door.
Framing:
The construction of the skeleton structure, or framework, of a house.
Floorplan:
An architectural drawing showing the overall layout of a home. The size and shape of each room, as well as any optional configurations of those rooms, are shown on the floorplan. At Woodcrest Homes, our communities offer several different plans from which to choose: single-story plans, two-story plans, etc.
HOA (Homeowners Association):
In many new communities, an association of all the homeowners is formed. This Homeowners Association is responsible for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas and landscaping. A monthly fee is paid by all homeowners in the community to pay for the activities of the HOA. This fee varies from community to community, and can be from $30 to over $200 per month, depending on the extent of the community’s common areas.
Homesite:
See Lot, below.
Lot:
Each new community is divided into individual lots, or homesites. A homebuyer gets to choose the specific lot that they’d like their house on, as well as the specific plan that will be built on that lot, with some restrictions to insure a varied neighborhood.
Option:
An item in a home that is not a standard feature. Options can be purchased to help personalize your home to fit your lifestyle. Options can range from fireplaces and appliances to pre-wiring and room configurations. See Upgrade.
Lot Premium:
A charge paid by the buyer of a special lot that is either larger or in a more desirable location than the other homesites in the community.
Phase:
A group of lots within a community. Most homebuilders sell all the lots within the current phase before moving on to the next phase of the community. The benefit to the homebuyer is that construction activity is focused in one small area at a time. So when you move in to your new home, most of the construction for neighboring homes will already be complete. Builders "release" a new phase when the current phase is almost sold out. This means that there is now a completely new selection of lots, which are available for purchase.
Plan:
See Floorplan.
Punch List:
A written list of items which need to be fixed, repaired or replaced prior to the final walk-through.
Reservation:
A non-binding agreement to purchase a home at a future date. Often, a reservation is taken for a specific lot in an upcoming phase, giving the buyer the first opportunity to purchase that lot when the phase is released. A reservation usually requires a deposit.
Standard Feature:
A specific item that is automatically included when you purchase a new home. Standard features may include a specific style of cabinets, or a specific type of countertops.
Upgrade:
Often, a homebuyer can choose to upgrade to a higher-level of material or style in several areas of their home (e.g., tile countertops instead of formica; or hardwood floors instead of carpet). At Woodcrest Homes’ models, homebuyers can choose from thousands of upgrades to truly personalize their home.
Walk-through:
A buyer’s final inspection of a newly-built home prior to move-in. At Riverside Homes, the walk-through includes an orientation with instructions on how to maintain certain items in the new home, as well as a review of the limited warranty coverage.
Warranty:
A promise to fix or repair damage to specific items of your home.
