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Deciphering Builder Lingo: Key Terms Every Home Buyer Should Know in Melissa




Navigating the world of new home construction in Melissa can sometimes feel like learning a new language. Builders and real estate professionals often use specific jargon that might be unfamiliar to first-time buyers. To ensure you're well-prepared and informed, here's a guide to some key builder terms you should know.

1. Base Price

  • Definition: The starting price of a home before any upgrades, customizations, or additional fees. It includes the basic structure and features offered by the builder.

2. Change Order

  • Definition: A formal request to make changes or additions to the original construction plans after the contract has been signed.

3. Elevation

  • Definition: The exterior look or design of a home. Builders often offer multiple elevations for the same floor plan, allowing buyers to choose their preferred style.

4. Spec Home (or Inventory Home)

  • Definition: A home that the builder constructs based on a popular design without a specific buyer in mind. These homes are often move-in ready or near completion.

5. Punch List

  • Definition: A list created towards the end of the construction process detailing any repairs, adjustments, or finishing touches needed before the buyer takes possession.

6. Lot Premium

  • Definition: An additional cost for a specific lot, usually based on its size, location, or view. For instance, lots backing onto green spaces or water features might have a premium.

7. Walk-Through

  • Definition: A scheduled tour of the home, typically conducted with the builder, to inspect the property, discuss its features, and identify any issues that need addressing.

8. Escrow

  • Definition: A neutral third-party account where funds are held—like the down payment or earnest money—until specific conditions are met, such as the completion of the home.

9. Allowances

  • Definition: A budget set by the builder for specific items or features, like lighting or flooring. If the actual cost exceeds the allowance, the buyer is responsible for the difference.

10. Upgrade

  • Definition: Any feature or component that is an enhancement to the standard offering and usually comes at an additional cost.

11. Floor Plan

  • Definition: A diagram or drawing that shows the layout of the home, including the placement of rooms, windows, doors, and other architectural features.

12. Site Plan

  • Definition: A detailed plan showing the layout of the entire property, including the home's placement, driveways, landscaping, and any other structures or features.

13. HOA (Homeowners Association)

  • Definition: An organization within a community that sets and enforces rules and guidelines for properties and common areas. They often collect fees to maintain communal amenities.

Conclusion

Understanding builder lingo is crucial for a smooth and informed home-buying process in Melissa. By familiarizing yourself with these terms, you'll be better equipped to ask the right questions, make informed decisions, and ensure your new home aligns perfectly with your vision. Happy home building in Melissa!


Please call us at 469-269-6541 for more details and available homes!



VIDEO TOURS OF THE NEW HOMES IN MELISSA

Watch the latest video tours of the homes in Melissa by clicking on the image below.


 


Watch video tours of Model Homes by Highland Homes on YouTube here











About us: Melissa New Construction Expert Real Estate Agent



As a Top Real Estate Professional in Melissa, I understand the challenges that arise when buying a new construction home. There are over 100 builders in the DFW area. I work with most of the new home builders in Melissa and understand how various builders operate. I am familiar with the options they offer, current incentives and I frequently visit the upcoming communities they are building. I guide my clients through all steps of the new home construction process and aggressively protect their interests in the transaction.


As a holder of top real estate industry certifications and designations like CRS, ABR & GRI, I can offer my clients experience as a Buyer's Agent and REALTOR®, top Industry Customer Service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in my business.


Whether you are a first time buyer in Melissa looking to buy a home in Liberty or whether you are relocating to Melissa from California or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to job transfer with your company, I can help you find a new construction home in Liberty in Melissa. Our relocation team eases the transition - whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. We have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.



What is most important to you in your new construction home in Liberty in Melissa? Send us an email at info@NitinGuptaDFW.com or give us a call at (469) 269-6541 to schedule a no obligation consultation. We’ll give you honest advice about Liberty community that you can use to help make your home buying decision.



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