Homebuilding Definitions
All Oakwood homes come with many of the most popular builder-included features. Builder-included features may include a specific style of cabinets, or a specific type of countertop. Oakwood homebuyers can personalize their home by choosing from a range of colors for their standard features at no additional cost.
Easement
A right given to a third party to use a portion of property for certain purposes, such as power lines or water mains.
Elevation
The exterior facade of a home, including the materials (like brick or stone) used on that face. At Oakwood Custom Homes, you get to choose from three or four different elevations, or architectural styles, in addition to a selection of colors for each of our plans. So the house you buy will look like your house, not exactly like the one next door.
Framing
The construction of the skeleton structure, or framework, of a house.
Floor Plan
An architectural drawing showing the overall layout of a home. The size and shape of each room, as well as any optional configurations of those rooms, are shown on the floorplan. At Oakwood Custom Homes, most of our communities offer several plans from which to choose: single-story plans, two-story plans, etc.
In many new communities, an association of homeowners is formed. The Homeowners Association is responsible for enforcing the rules and regulations of the community, and also for the maintenance and upkeep of any common areas, including community centers, swimming pools, health club facilities, and landscaping.
Homesite
Each new community is divided into individual lots, or homesites. In most Oakwood Custom Homes communities, a homebuyer gets to choose their homesite and the floor plan that suits them best, with some restrictions to ensure a varied neighborhood.
Homesite Premium
A premium paid by the buyer for a special, unique homesite that may be either larger or in a more desirable location.
Homeowner Orientation
The Homeowner Orientation provides buyers with the opportunity to become acquainted with their new home prior to moving in. During the orientation, an Oakwood Custom Homes Sales Representative provides a thorough demonstration of the completed home (e.g., mechanical components, appliances, etc.) and reviews items covered by the warranty.
A Local Improvement District is an arrangement between property owners in a specified neighborhood (district) that provides for the funding of improvements to that district. Improvements can be to the roadway and drainage (i.e. paving, adding curbs/gutters, or simply chip-sealing). Or it can be for public utilities such as installing a city sewer system. The LID fee is added to your monthly mortgage payment.
Master Plan Community
A large community, often with homes built by several different builders, in a wide variety of prices. Master plan communities usually include community centers, pools and other recreational facilities. Often there are commercial districts, offering shopping and entertainment within the master plan.
Option
All Oakwood Custom homes come with many of the most popular standard features and buyers are able to select colors or textures for many of these features. In addition, Oakwood homebuyers are able to personalize their home to fit their unique lifestyle by purchasing additional options such as appliances, designer finishes on cabinets, countertops and floors, fireplaces and a variety of other choices through the Oakwood Home Studio. This enables us to keep the price of the home low while ensuring that you only pay for the options that are truly important to you.
See floor plan.
Reservation
A non-binding agreement to purchase a home at a future date. Often, a reservation is taken for a specific lot in an upcoming phase, giving the buyer the first opportunity to purchase that lot when the phase is released. A reservation usually requires a deposit.
