Buying a new home is one of the most exhilarating purchases you can make, especially when it’s a new build. Apart from the excitement, the process of purchasing a new construction home can sometimes be long, stressful, and difficult. Since there is a lot to learn about home construction, check out the following vocabulary terms to help you get up to speed with the lingo.
Allowance
An amount of money that is determined in the contract for items that are not specified in the contract. An allowance could be used for electrical work or other necessary repairs.
Builder Warranty
Most new home builders provide a guarantee and warranty on materials they’ve selected and used. This warranty is separate from manufacturer warranties on appliances, roofs, or similar home features.
Building Codes
Building codes are a standard set of rules determined by a governing body, be it a local or state force, that mandate how houses can be built. New construction homes in PA will have to meet state and city building codes before they’re sold.
Certificate of Occupancy (CO)
A CO is a certificate provided to the home builder after inspection by the local jurisdiction. The CO is a legal requirement that must be obtained before someone can move into the home.
Change Order
Change orders are official documents that modify the work required in the original contract. These may include changes to a finish, the addition of a feature, or something else. The owner of the change order and the builder must agree on the terms of the requests including the change in price and potential change in timeline.
Contractor’s Option
In any given work contract, the contractor may stipulate that they have the right to choose the design, materials, construction methods, or others without affecting the total sum of the contract.
Elevation
The term elevation refers to a drawing of the home’s facades. The drawing is used to show potential home buyers how the exterior faces of the home will look.
HERS Index
The Home Energy Rating Standard is a score that states how energy efficient a home is. A lower score indicates a home that is more energy-efficient.
Landscape Deposit
Depending on where a home is being built, a deposit may be required by the present Homeowners Association. The deposit ensures that the landscaping will be installed timely and that it meets the HOA’s requirements.
Plat
A plat is an official document that shows a map of the property. It specifies the boundaries of the property and may show what creeks, trees, bushes, fences and other features that are included.
Production Builder
A professional working as a production builder constructs homes from a specific set of floor plans. Depending on the builder and the floor plan, home buyers will be able to customize various features and sections of the home.
R-Value
An R-value describes how much insulation is used in a home build.
Punch List
Builders, contractors and homebuyers can all contribute to a punch list of items that need attention. The list can include areas of a home that need additional paint, are lacking trim or other features that don’t meet contract specifications.
Spec Home
A spec home is a new construction home that was built before a buyer was found. Spec homes save time for potential homebuyers who don’t have the time or desire to wait for a home to be constructed from scratch.
Walk-through
Homebuyers and contractors conduct a walk-through as an inspection to see if any areas need fixing or addressing before the house is officially purchased.
Learn More About New Construction Homes from Southdown Homes
Buying a newly built home is a process that requires patience and attention. If you’re in the market for a new home, contact Southdown Homes today to learn more about the construction and buying processes.
