Suburban Dictionary: New Homes Edition

Are you considering buying a new home in the suburbs? Welcome to our latest edition of the Suburban Dictionary! Whether you're a first-time homebuyer or a seasoned investor, understanding the lingo is crucial. In today's blog, we'll break down five key terms you might encounter on your journey to owning a new home: 2/5/10 warranty, appliance package, assignment, deficiency walkthrough, and fixtures and finishings. Let’s dive in!

2/5/10 Warranty: This term refers to the common warranty program offered by new home builders. It typically covers the home for 2 years on labor and materials, 5 years on the building envelope (including water penetration), and 10 years on the structure. This warranty provides crucial peace of mind, ensuring the major components of your new home are protected for a significant time.

Appliance Package: Often included in new home deals, an appliance package can save you a bundle. It usually features essential kitchen appliances like a refrigerator, oven, dishwasher, and microwave. Some packages even include laundry machines. Carefully review what's included to avoid purchasing items you don't need or missing out on necessary appliances.

Assignment: This refers to the process of transferring ownership of a property before it is officially completed. An assignment sale occurs when the original buyer sells their rights and obligations to a new buyer before taking possession. It's a key concept for investors and buyers in competitive markets, providing flexibility and potential profit.

Deficiency Walkthrough: This is an important part of the homebuying process where potential issues (deficiencies) in construction are identified and documented before you move in. It’s your opportunity to ensure everything meets your standards. From wall paint to plumbing, make sure to check every nook and cranny to avoid future headaches.

Fixtures and Finishings: These elements define the aesthetic and functional quality of your home. Fixtures include built-in elements like lighting, bathroom sinks, and cabinetry. Finishings refer to the final touches such as paint, flooring, and countertops. High-quality fixtures and finishings can significantly increase the value and enjoyment of your home.

Framing: This is the skeleton of your new home, comprising wood or metal beams that form the structure and layout. Understanding the framing stage can help you visualize the space and address any modifications before drywall and other materials are added.

Navigating the world of new homes in the suburbs is much easier with these terms under your belt. Happy house hunting!