Buying a home comes with plenty of new terminology, but understanding the language of homeownership can help you navigate the journey with confidence. This A-to-Z guide breaks down some of the most common terms you'll encounter along the way.
A: Amenities
The features and services that make a community enjoyable to live in, such as parks, pathways, playgrounds, gardens, shops, and recreation spaces.
B: Bonus Room
An additional living space, often on the upper floor, that can be used as a media room, playroom, home office, or family gathering area.
C: Curated Collection by Baywest
A collection of design-forward homes that blend on-trend style with everyday livability. It's everything you want in a home, thoughtfully curated to make great design at an attainable price.
Check out the Curated Collection here!
D: Down Payment
The portion of a home's purchase price paid upfront by the buyer.
E: Equity
The difference between your home's value and the remaining balance on your mortgage.
F: Fixed-Rate Mortgage
A mortgage with an interest rate that remains the same throughout the term, providing predictable monthly payments.
G: Great Room
A large, open living space that often combines the living room and main gathering area of the home.
H: Home Inspection
A professional assessment that evaluates a home's condition and identifies any areas that may require attention. A home inspection is not a requirement, but it makes many buyers feel comfortable before moving into their new space.
I: Interest Rate
The percentage charged by a lender in exchange for borrowing money for a mortgage.
J: Jack-and-Jill Bathroom
A bathroom shared between two bedrooms, often featuring separate access points for convenience and privacy. Jack-and-jill bathrooms are perfect for families with children who will be sharing a bathroom.
L: Lot
The piece of land on which a home is built.
M: Mortgage
A loan used to finance the purchase of a home.
N: New Home Warranty
Coverage that helps protect homeowners against certain defects and issues in a newly built home.
Learn more about our warranty program here!
O: Open Concept
A home design that combines living spaces, such as the kitchen, dining area, and great room, into one connected layout.
P: Possession Day
The day you've been waiting for. Possession day is when you receive the keys to your new home and begin making memories in a space designed for the way you live.
Q: Quick Possession Home
A home that is completed or nearing completion and available for move-in sooner than a traditional build timeline.
R: REALTOR®
A licensed real estate professional who assists buyers and sellers throughout the homebuying process. The sales team you’ll meet at Baywest’s show homes are real estate experts, so it’s not essential to bring a REALTOR® to help with your home purchase. But if you’d prefer to work with an agent, you are welcome to bring yours with you on your first show home visit. Together, we’ll bring your new home to life!
S: Show Home
A professionally decorated model home designed to showcase a builder's layouts, finishes, and craftsmanship.
Check out our designer show homes here!
T: Turnkey
A space that is move-in ready, allowing homeowners to settle in without completing additional renovations or upgrades.
U: Upgrade
An enhanced feature, finish, or product selected beyond the builder's standard specifications.
V: Variable-Rate Mortgage
A mortgage with an interest rate that may fluctuate throughout the mortgage term.
W: Walkthrough
A final review of the home completed before possession to ensure everything is ready for move-in.
X: eXperience
The knowledge and expertise gained over time. With over 40 years of building homes in Calgary and surrounding areas, Baywest has refined its approach to design, craftsmanship, and customer service, creating homes that are thoughtfully planned for the way people live today and tomorrow.
Learn more about our building experience here!
Y: Your Needs
The features, spaces, and lifestyle considerations that matter most to you. A reminder that the right home isn't just about price and square footage, but how well it supports your lifestyle today and in the future.
Z: Zero-Lot-Line Home
A home built closer to one side of the property line, allowing for more efficient use of the lot.
Ready to put your new homebuying vocabulary to work? Explore our available quick possession homes or browse our thoughtfully designed floorplans to start your journey.