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13 Builder Terms You Need To Know
Builder Terms
Builder terms can be one of the most intimidating parts of the construction process
From words that have always meant one thing and now mean something totally different, to builder terms that make absolutely no sense. Here are 13 builder terms that will surely allow your building experience to go smoothly.
Binder Money
AKA “Earnest Money” shows the builder that a buyer is serious about purchasing the home from the builder once the property is 100% complete. When the transaction is finalized, the funds are put toward the buyer’s down payment or credited back to the buyer if they are doing a loan with 100% financing.
Elevation
The exterior face of a home, including the materials (like brick or stone) used on that face. Typically
you get to choose from 3 or 4 different elevations, or architectural styles, in addition to a selection of colors for each of our plans. This will allow you to customize your new home.
Framing
The construction of the skeleton structure, or framework, of a house.
Floor Plan
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 floor plan. At Eastwood, most of our communities offer several plans from which to choose: single-story plans, two-story plans, etc.
HOA (Homeowners Association)
In many new communities, an association of homeowners is formed. The Homeowners Association is responsible for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas, including community centers, swimming pools, health club facilities and landscaping.
Lot
Each new community is divided into individual lots, or home site’s. A lot is a surveyed and bounded plot of land that is set aside for a building. In most communities, a home buyer gets to choose their home site and the home plan that suits them best, with some restrictions to insure a varied neighborhood.
Master Plan Community
A large community, with homes built by several different builders, in a wide variety of prices. Master plan communities
usually include community centers, pools and other recreational facilities. Often there are commercial districts with shopping and entertainment within the master plan.
Phase
A group of home site’s within a community. Most home builders sell all the lots within the current phase before moving on to the next phase of the community. The benefit to the home buyer is that construction activity is focused in one small area at a time. 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 available for purchase.
Punch List
A written list
of items which need to be fixed, repaired or replaced prior to the final walk-through.
Pre- Start
Before a house physically begins, there can be anywhere from 4-8 weeks of work that need to be completed. Though you will not phycially see progress, the builder is spending money and systematically completing a very thorough check list.
- Pulling Necessary Building Permits
- Ordering Materials Based On Your Selections
- Developing And Crafting the building schedule so the home is completed on time
- Completing a soil compaction test to ensure ground is suitable for building
Lot Fit
Ensuring that the floor plan selected fits between designated lot setbacks
and does not encroach on any utility or drainage easements
located on the property. (i.e. because the footprint of each home is different an official or unoffical lot fit should be performed to ensure the fitting)
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. A common misconception is that a “Standard Feature” is not paid for. Standard features are just automatically added to the base price of a home.
Walk-Through
A buyer’s final inspection of a newly built home prior to move-in. At Eastwood 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 10-year limited warranty coverage.
Warranty
A plan to fix or repair specific items of your home according to the warranty terms. At Eastwood Homes, we offer a 10-year limited warranty that includes a 10-year structural warranty; a two-year warranty on electrical components, heating or cooling systems, and plumbing; and a one-year warranty for all other components of the home. All elements of the warranty are reviewed with the homeowner at the time of the walk-through. This is by and large the greatest reason to buy a new home.
What builder terms do you have questions about?
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