When it comes to buying a house, there can be a lot to get your head around; lengthy contracts, difficult to read paperwork, not to mention the confusing language – what does it all mean?
Here is a list of common housing terms that will help you beat the jargon.
Property With Potential - If you’re not looking to buy a property and flip it for a profit, beware of real estate describing properties with this phrase. It could mean, you should expect to put a lot of work into the property before you can rent it out and gain rental income.
There are so many other misleading words used to describe such a property e.g. “a renovator’s dream.”
Easy Access to Everywhere - This is sometimes used to describe a property in a busy area e.g. large retail or commercial district. Check a satellite map for building types and be sure to visit during both day and evening hours, as the character of the neighbourhood could change radically.
Fixer-Upper - This could be a home in major disrepair, one that hasn't been lived in for a decade, a very old house, or all of the above. A home inspection can reveal what needs fixing up.
Practical or Has Great Character - Rental properties described as “practical” really mean that they are functional, but they are not in good condition. This misleading language is popular among sellers who are having trouble selling and are trying to get rid of the property.
These terms are also often used to describe a property that needs some level of renovation before it becomes suitable to rent out.
Mature landscaping - This house might come with 50-year-old trees in need of pruning and overgrown shrubs. Consider the cost of manicuring the landscape.
Original Condition/features - No work whatsoever has ever been done on this property since house it was built, so should be ready to fix almost 90% of the house.
There’s Another Buyer - As soon as they know that you’re slightly interested in the property, In fact, there’s actually another buyer who has just shown some interest, or it might be as simple as, I know you like this, but I’ve got another buyer coming through this afternoon for their second look.