Homebuilding Terms

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 face of a home, including the materials (like brick or stone) used on that face. At KB HOME, you get to choose from 3 or 4 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 the one next door.

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 KB Home, most of our communities offer several plans from which to choose: single-story plans, two-story plans, etc. HOA (Homeowners Association)
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
See lot, below.

lot premium
A charge paid by the buyer of a special lot that is either larger or in a more desirable location than the other homesites in the community.

lot
Each new community is divided into individual lots, or homesites. In most KB HOME communities, a homebuyer gets to choose their homesite and the home plan that suits them best, with some restrictions to insure a varied neighborhood. master plan community
A large community, 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 with shopping and entertainment within the master plan. option
An item in a home that is not a standard feature. KB Home Studio offers many items, for an additional charge, that help personalize your home to fit your lifestyle. Options can range from fireplaces and appliances to pre-wiring and room configurations. See upgrade. phase
A group of homesites within a community. Most homebuilders sell all the lots within the current phase before moving on to the next phase of the community. The benefit to the homebuyer is that construction activity is focused in one small area at a time. So when you move in to your new home, most of the construction for neighboring homes will already be complete. Builders "release" a new phase when the current phase is almost sold out. This means that there is now a completely new selection of lots, available for purchase. plan
See floor plan. punch list
A written list of items which need to be fixed, repaired or replaced prior to the final walk-through.

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.

upgrade
Often a homebuyer can choose to upgrade to a higher level of material or style in several areas of their home (e.g., granite countertops instead of formica, or hardwood floors instead of carpet) at an additional cost. At KB Home Studio, homebuyers can choose from thousands of upgrades to truly personalize their home.