Real Estate lingo explained!
It’s easy to get confused by the jargon, here are some tips to help buyers and renters understand what it all really means.
Searching for your next home is a big job, and it’s not uncommon to turn up to a place that turns out to be quite a bit different to what was advertised online.
Terms like ‘cosy’ and ‘renovators dream’ are thrown around a lot, but if buyers aren’t wary, they can end up checking out homes that aren’t suitable. Not to mention possibly paying more than they need to!
TODAY chatted to Authors of Let’s Get Real, Luke Harris and Matthew Bateman to help break down the real estate jargon.
TODAY: Luke — what advice do you have for investors in the market?
HARRIS: To make sure that you have a plan. Know why you are investing and put together an expert team to help you on your journey.
TODAY: What should renters be wary of?
HARRIS: Renters should be aware of making sure the lease suits their terms and ask the agent about the history of the property. Find out if the owner is willing to do repairs and maintenance. Find out if there’s been issues with the property before and if you have parking.
TODAY: ‘Cosy’ gets thrown around a lot in real estate, what does it actually mean?
HARRIS: The term cosy means you only get enough room to sit on the couch in your Snuggie.
TODAY: You see jargon like ‘a renovators dream’ or ‘in need of some T-L’C’, what does this translate to?
HARRIS: the agent might tell you it needs some tender loving care, which can mean anything from a paint job to a new roof so you could be in for more than you bargain for.
TODAY: And for those looking to buy their first property can be tricked by the ‘perfect starter home’?
HARRIS: Absolutely. When agents quote things like ‘the perfect starter home’ means it’s in the price point that investors or experienced buyers aren’t interested in. You could find you’re living on a main road!