The Homebuyer’s Guide to Key Terms & What They MeanAmenities
Amenities are shared spaces such as gyms, pools, and playgrounds often part of a master-planned community. They are usually built new, and can also include schools, sports facilities, or walking trails that residents can enjoy.
Architectural Controls
In most communities, there are architectural controls to ensure that real estate development happens efficiently, and that communities are attractive places to live. Architectural controls typically define things like the size, look, and feel of homes, and how many of the same homes can be built on each street.
Closing
Closing on a home is the final step in becoming a homeowner. This is the day you’ll complete the paperwork, take care of closing costs, and receive your keys.
Elevations
Traditionally done through drawings called renderings, elevations are visualizations of a home, building, or community created by an artist based on architectural blueprints, finishing options (like brick colour), and landscape plans. They’re created to give everyone—from the construction team to a homebuyer—a feel for the finished product.
Features & Finishes
Usually grouped together, features are objects that are literally fixed (or attached) in the home, like flooring, lights, toilets, etc. Finishes are typically how the home is decorated and painted. Builders will provide a features sheet document to help homebuyers understand what’s included in their new home.
Floor Plans
Floor plans are layouts of rooms, floors, and other environments created to show the size of spaces, like bedrooms, bathrooms, hallways, as well as the location of doors, windows, staircases, balconies, etc. Sometimes builders will show floor plans with furniture to help homebuyers visualize how they might best use the space.
Inventory
Often referred to as move-in ready or spec homes by new homebuilders, inventory homes are already built and available for purchase—typically with faster closing timelines. They’re often released because it’s more efficient and practical to construct homes during specific phases of development.
Lot
A lot is a piece of land on which a home is constructed. When you purchase a new house, you’re buying both the lot and the house that will be constructed on it. Lot sizes and locations vary depending on availability and the scale of construction.
Master-Planned Community
A master-planned community is a thoughtfully designed neighbourhood where every detail—from home styles and construction to streets, pathways, green spaces, parks, and even commercial areas—is carefully considered. Guided by a comprehensive vision from the developer, a masterplan gives homebuyers a clear sense of how the community is expected to grow and evolve over time. It’s an opportunity to see the “big picture” and invest in a neighbourhood that’s built with long-term living in mind.
Mixed-Use
Mixed-use is a term used to describe a real estate development that combines residential, commercial, and institutional areas. A community that offers homes for sale, a retail storefront for lease, and business offices is a typical example of mixed-use development.
Phases
Often, developers will plan, sell and execute the construction of residential communities in phases. In communities where a large number of homes will ultimately become available, phasing allows builders to get homebuyers into their new homes in a realistic timeframe.
Homebuyer Orientation
Before you take possession of your new home, your builder will guide you through a comprehensive inspection and teach you how to operate the home’s ventilation, plumbing, and heating systems. This is also an opportunity for the homeowner to look for deficiencies that need to be fixed before they take possession. This process is one of the many ways we protect people who buy from us.
Understanding the language of real estate is a great first step in feeling confident during your homebuying journey. For your next step, explore our expert-backed tips for planning your home search like a pro, and start your journey with clarity and purpose.