Real estate listings are often loaded with unusual terms and elaborate seller descriptions. While photos serve as helpful visual aids, they can still leave a buyer hanging. No one has time to tromp through every house in order to better understand from a visual perspective the unusual descriptions and confusing terminology.
A professional real estate agent will gladly work through the jargon in order to determine which homes are worth investigating.
Lang Premier Properties presents thirteen commonly used real estate phrases and the meanings that best define them:
RECENT OWNER UPDATES
Fasten your seatbelt! You will see this phrase ALL THE TIME. This particular jargon is used when a home owner has likely performed some inexpensive repairs in order to freshen a home's appearance in order to present a more suitable property for the market.
A GREAT INVESTMENT PROPERTY
Don't get too excited. Unless you have piles of excess cash lying around your home, you may want to move on in your search for a new property. This particular phrase is often indicative of a home that is in need of much repair and some serious upgrades. Be prepared to walk into a money pit if you decide to set up a showing.
This is code for "expensive". Conveniently located homes often come at a premium and you must be willing to pay the price for such convenience. This home would likely be located in a highly desireable area within a higher property tax bracket.
This particular phrase carries with it connotations of a less occupied area, possibly undergoing construction of new homes. Be prepared for a location that is far from the conveniences of local gas stations, restaurants, and basic shopping. If you are looking to relocate to a less traveled are, this may be the place for you, however you must be prepared to do some traveling of your own.
PERFECT FOR ENTERTAINING
Get ready for that open floor plan and large kitchen or living room for which you have always dreamed! Homes suited for entertaining are usually wide open and house spacious kitchens with views expanding througout the first level of the home, providing a more condusive space for high traffic and many guests.
Small. Enough said.
WON'T LAST LONG
Put on your running shoes! This listing will be sold by the end of the day and you need to be prepared to make an offer on the spot.
Ha! Ha! Ha! If it is necessary to advertise a walk-in closet, be prepared for a space that is likely no larger than a phone booth.
STEPS AWAY FROM TRANSPORTATION
"A few steps" holds many different meanings for many different people. It is quite possible that this particular residence could be over a mile away from the closest mode of transportation. Better dust off your hiking boots.
NEEDS TLC / AS IS
Buyer beware. This phrase is often used to define a home that needs a ton of repairs before it is even safe to occupy. You will often find this phrase used in listings for homes that have been empty for lengthy periods of time.
MAKE IT YOUR OWN
The typical definition of an older home that will likely be way under a buyer's established budget, but will need some invasive, expensive repairs. It could be quite a while before this particular listing is habitable.
GREAT STARTER HOME
Bring those expectations way down. This will be your basic, bottom of the line model and you must prepare yourself to maintain an open mind prior to viewing.
LOTS OF LIGHT
Prepare to be very close to your neighbors as you watch them walk into their bathroom, prepare dinner, and indulge in primetime television. While windows and natural light are desirable perks for almost every prospective buyer, you might be stuck with too much of a good thing. Privacy is also a highly coveted commodity.
If you'd like to learn more about real estate terminology, please don't hesitate to message Lang Premier Properties online or call us at 1-855-526-4466.