Navigating the home buying process in Celina, TX, can sometimes feel like learning a new language, especially when dealing with builders and contractors. Understanding the jargon can empower you to make informed decisions and communicate effectively with professionals in the homebuilding industry. Here’s a glossary of key terms every home buyer should know when purchasing a new construction home in Celina.
1. Base Price
The base price is the cost of the home itself, without any of the additional features, upgrades, or lot premiums. It’s the starting point for negotiations and budgeting.
2. Builder's Warranty
A builder's warranty is a guarantee offered by the construction company covering the quality of workmanship, materials, and sometimes structural elements for a specified period.
3. Change Order
A change order is a document that outlines any requested changes to the original construction plan, including additions or deletions, and details the cost implications of these changes.
4. Closing Costs
Closing costs are the fees and expenses, over and above the price of the property, that buyers and sellers normally incur to complete a real estate transaction.
5. Elevation
In builder lingo, elevation refers to the exterior design of a home, including the front façade and architectural style.
6. Escrow
An escrow is a financial arrangement where a third party holds and regulates the payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account.
7. Lot Premium
A lot premium is an additional cost for a home site considered more desirable due to its size, location, or view. In Celina, lots with proximity to amenities or those offering more privacy may carry a premium.
8. Punch List
A punch list is a document listing work that does not conform to contract specifications, typically noted during the final inspection of a construction project.
9. Spec Home
A spec home is a residence constructed by a builder before a buyer has been secured. The builder speculates that they will be able to sell the home once it is completed.
10. Tract Home
Tract homes are built on a large scale by developers using a limited number of designs and floor plans. They are common in large new housing developments in Celina.
11. Upgrades
Upgrades are additional features or better-quality options offered by the builder that go beyond the standard inclusions.
12. Walk-Through
A walk-through is a final inspection of a home before closing, where the buyer can check for any issues that need to be corrected.
Conclusion
Understanding these terms can significantly enhance your home-buying experience in Celina. It equips you with the knowledge to ask the right questions, understand what you are being offered, and make decisions that align with your vision for your new home. Remember, when in doubt, don’t hesitate to ask your builder or real estate agent for clarification. After all, buying a home is not just about making a financial investment; it’s about laying the foundation for your future.
Please call us at 469-269-6541 for more details about Celina and available homes!
About us: Celina New Construction Expert Real Estate Agent
As a Top Real Estate Professional in Celina, 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 Celina 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 Celina looking to buy a home in Highland Lakes or whether you are relocating to Celina 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 Highland Lakes in Celina. 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 Highland Lakes in McKinney? 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 Highland Lakes community that you can use to help make your home buying decision.