Welcome to our blog series covering terms you need to know in order to navigate the home buying process! After last month’s edition, we have brought together some more definitions to add to your home buyer glossary. With these additions, you’re sure to feel even more in-the-know during your home buying adventure.
Inventory homes are condo suites and houses that have been constructed and are ready to sell. Also referred to as “move-in ready” or “spec” by new home builders, inventory homes are built during a specific phase of construction because it’s a lot more efficient and practical to do it at that time as opposed to waiting for a buyer first. As a note, these homes generally have quicker closing periods than others so the process will be faster if you’re looking to buy.
A lot (or plot) is the piece of land on which a building is constructed. When you purchase a new home, you are actually buying both the lot and the house that will be built on it. The sizes and the locations of a lot will vary depending on the availability and the scale of the home builder’s construction. When looking at the plan of a neighbourhood, you can see that these areas of land are marked out to show where each property is set to be built.
The term low rise is used by home builders and developers to describe single family homes, semi-detached (or side-by-side) homes, or townhomes/houses that can sometimes reach as high as 4 stories. These buildings are typically constructed from wood and then finished with brick, stone, or siding.
A master plan describes, through both narrative and maps, the overall land use of a designated urban area. Considering more than one house, this plan includes how the whole property is currently used and maps out future development plans for the area. Private developers will create a master plan in order to guide their overall neighbourhood project. This plan takes into account all proposed or projected uses, improvements, and amenities in order to get a full picture of how everything is going to work and come together.
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. As we delve further into our glossary, you’ll find yourself feeling more prepared than ever for your upcoming home buying experience.