What Ten Construction Terms Should You Know Before Building a Home?January 10, 2021
You’ve saved up your money, worked hard on your credit score, begun to obtain financing, and now you’re ready to build your dream house. As you work with the architect and the builder, you hear buzzwords whizzing through the office. What does it all mean? You should know what these ten construction terms mean.
1. Floor Plan
This is the layout of your house. Every house has a living room, maybe a dining room, kitchen, family room, bedrooms, and bathrooms. You’ll hear the word fenestration when discussing the floor plan. Fenestration is the openings in the house such as windows and doors.
While choosing your windows and doors, you will also choose the frames into which these are set. You’ll also discuss a door jamb or the two sides upon which the door hangs. It’s upon this that the trim you choose is set.
If the floor plan is how the inside of your house will look, the elevation is how the outside of your house will look. This is the first thing you or anyone else sees when they visit. How the windows and front door are placed, the incorporation of shutters, the use of window boxes full of vividly colored flowers, and the presence of siding, brick, or stone, and chimneys among other things define your house’s elevation.
Your house will sit atop a concrete base dug into the ground. This slab stands between your floors and any water or pests intent on entering the home. Make sure your builder understands the property’s water drainage system, the grading of the lot, and the property’s landscaping plans. These aid the concrete slab in avoiding damages from rainwater and snowmelt and thereby flooding your basement.
Your driveway, the sidewalk leading to the front porch, the garage floor, perhaps a patio, and the basement aren’t called slabs even if they’re flat. They’re called flatwork.
The inverted V shape of a roof has to be supported by something. The flat portion of the roof is installed with its protections. Atop this is installed a series of inverted V framing. These are called trusses. On top of these is installed the base supporting the flashing and shingles.
Your house needs insulation to protect you from the heat and cold. The higher the R factor in insulation, the better the protection. For instance, insulation labeled R49 is the equivalent of 16 inches of insulation while R38 is the equivalent of 12 inches. Builders have begun using spray foam insulation lately, and its R-value is about R13.
7. Pre-Approval and Pre-Qualification
When you approach a lender for a loan, he’ll check your credit score and income to credit ratio first. This is qualifying you for a loan. Pre-approval is when your credit score, debt burden, and income is sufficient that the lender will take a chance on giving you a home loan.
8. Fixed-Rate and Adjustable Loans
Lenders under certain circumstances will give you a fixed-rate loan. This means that you’ll always pay the same amount every month. If yours is an adjustable loan, then the interest rate will remain the same for some time. After that, based on indices, the interest rate will reset at monthly or yearly intervals.
The annual percentage rate or APR is what it costs you to borrow money. Encountering credit of any type such as credit cards or a home loan means paying an APR. There are two types of APR: fixed and variable. A fixed-rate means the interest rate doesn’t change in the life of your loan. You’ll pay the same amount every month.
A variable rate is based on Wall Street’s prime rate. It fluctuates according to the index on the Street. If your APR is lower at the beginning of your loan, then watch out down the line. The rate will rise periodically.
10. Closing Costs
You’ll pay closing costs on your new house. These could include property taxes, title searches, and title insurance, fees for appraisals, fees for surveys and deed recording, as well as points and credit report checks. You’ll sign ownership papers, hand over your check, and receive your new house keys.