Home Buyer Glossary: Terms to Help you Navigate the Home Buying Process, Part 5

Home Buyer Glossary: Terms to Help you Navigate the Home Buying Process

Welcome to our Home Buyer Glossary series! In these blogs, we unpack common terms you will hear during the home buying process that you need to know. Following last month's edition, we've collected some more important definitions for you to keep in mind during your next purchase! Read along to expand on your home-buying vocabulary.

midrise

Mid-Rise

In the new home market, developers use the word mid-rise to describe buildings that are typically between four and ten stories tall. You can think of these buildings like the 'in between' scale of building: bigger than houses but smaller than towers. Mid-rises are often made up of condo apartments for sale but can contain a mix of multiple-use spaces (which we'll cover soon). Typically constructed from concrete and steel, Mid-rises are often designed with step-backs or terraces at upper levels to make them appear lower in height from the street. This allows sunlight and sky views from the sidewalk but still gives that city feel.

Mixed-Use

Mixed-Use

In Ontario, mixed-use is a term used to describe a real estate development that combines residential, commercial, industrial and/or institutional areas. A community that offers condos for sale, a retail storefront for lease, and business offices is a typical example of mixed-use development. These buildings are usually seen as "pedestrian-oriented" places that layer compatible land uses, public amenities, and utilities together. With all the variety offered, people can live, work, play, and shop all in one place!

Models

Models

This definition can be a bit tricky because it can mean a couple of different things depending on how it's used. Home Models are a type or brand of house or condo unit that a developer offers. For example, two houses of the same model will often share the same square feet and floor plans but may have exteriors that differ. A Model Home or Suite, on the other hand, is a home that a developer will complete and furnish to use for sales and presentation purposes. They help to show the living space and features available in the homes of the new community.

Master Plan

Phases

The construction of residential communities is a big process that takes time and careful outlining. Knowing this, developers will plan, sell, and execute the construction of the community into phases. This helps the developers keep track of the development, construction, and sales. In communities where a large number of homes are going to become available, phasing also allows developers to get homebuyers into their new homes in a realistic timeframe.

Be sure to follow Marina Home's blog series for more so you can keep up-to-date and knowledgeable about everything that goes into the home buying process. Whether you're looking to find specific terms or you want to learn everything you can, each new definition gives you a stronger understanding of the whole picture. If you have any other questions or want to learn more about our developments, feel free to contact us!