- A contractor that builds or remodels houses based on plans submitted by the home owners.
Related Terms and Acronyms
- Allowances — Definition,
- Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
- Builder Upgrades — Definition,
- Refined features or materials that a builder offers for an extra charge.
- Built-ins — Definition,
- Items, such as appliances and cabinets, that are permanently attached to a building.
- Cost-plus Contract — Definition,
- An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
- Custom Home — Definition,
- A house built according to plans from an architect hired by the owner.
- Draw Mortgage (DM) — Acronym,
➥ See Progress Advance Mortgage (PAM).
- A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
- Field Changes — Definition,
- Modifications made to a building on-site.
- Pre-sold Home — Definition,
- A house that is sold prior to construction as opposed to a house built on spec.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- Semi-custom Home — Definition,
- A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
- Speculation Builder — Definition,
- A developer that builds houses without a commitment from a purchaser.
- Speculation Home — Definition,
- A house built before a buyer has been found, on the assumption that one will be found.
- Subcontractor — Definition,
- A person or company that does specialty work for a general contractor.
- Upgrades — Definition,
- Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.