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Home Buying Terms: Don’t Get Fooled

Home Buying Terms: Don’t Get Fooled

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If you are in the market to buy a home, it’s important to become familiar with some of the home buying terms that you may hear. 

It’s also just as important that you are aware of the true meaning of some of the buzz words that are used in ads and marketing media, to capture your attention. 

Knowing the true meaning of home buying terms and buzz words will keep you from getting sucked into the hype and keep you from wasting time looking at houses not really worth looking into.

Home Buying Term: Know The True Meaning

Home buying terms such as charming, fantastic and cozy, found in real estate listing description make the property sound great, but it may actually mean something else.

For example, the word, charming, may mean that it’s tiny, dark or old.

In some cases, exclamation points after the words should also alert you to problems you may encounter with the home. 

For example, when ‘fantastic’ or ‘great neighborhood’ is followed with exclamation points in real estate ads, it may be that more emphasis is being placed on these other features to downplay some of the problems with the house itself.

Some terms are used by real estate agents who are too lazy to choose something better.  Such as – cozy. Cozy should alert you to the fact that the house is most likely small or that the rooms are small.

Other terms used in ads such as ‘gourmet’ and ‘granite’ may be a signal that the home is going to be higher priced than some others.

The top house buying terms and buzz words that are overused in the real estate market include – upgraded finishes, spacious, prestigious, trendy, diamond-in-the-rough, sun-drenched, dream house and great potential.

Don’t Be Fooled

All buzz words are designed to grab your attention, help you picture the coziness and trendiness the home supposedly offers and to extract the top-selling price from you.

When a real estate agent doesn’t list the size of the home but calls it ‘open floor plan’ you might be disappointed to see a cramped house where the spaciousness includes the living room, bedroom, and kitchen all in one room.

You can expect a home that’s advertised as ‘has great potential’ or ‘renovator’s dream’ to need repairs or renovation.  And, ‘near transportation” could mean it’s in the middle of a very noisy area.

home buying termsFinding an experienced knowledgable real estate agent who cares about you and your desires can help you maneuver on the path to home buying. 

He or she will know the market in the area in which you’re looking and be better able to steer you away or toward a home based on the information you have provided.

She’ll probably also be familiar with the property and know if buzz words were used to make it seem more attractive.  She’ll tell you when the overused phrases aren’t really indicative of the property itself.

Questions To Ask Your Realtor

These house buying terms or real estate buzz words can be very misleading if you take them literally.  So before being drawn in emotionally, first ask your real estate agent these questions to get a true feel for the home:

  • The number of bedrooms and size?
  • The number of bathrooms and size?
  • What is the size of the living room?
  • Is there a fireplace?
  • What type of flooring throughout the house?
  • The color of the walls?
  • The age of the home?
  • Utilities: Gas or Electric?
  • Yard size, lawn, trees?
  • Parking/Garage?
  • Condition of roofing, when were shingles last replaced?
  • Neighborhood: What’s it near, demographic-is it college students, seniors, middle age or are a lot of children in the area, crime rate, schools, near the highway?

That list of questions can make it less likely that you’ll fall into the hype of buzz words and save you lots of time on fruitless searches.

 

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