How to Talk the Langauge of Real Estate Like a Pro
Spacious, sprawling ranch, exuding unaffected charm, 3 BR, den,
1 ½ bath, tucked away in a secluded, park-like setting. Great
starter home. Hurry! This one won't last!
Ah, yes! I see you're ready to buy your first home. Been
reading the real estate section again, haven't you?
Gone out to look at any of these homes yet? No? Well, for
starters, let's warn you up front - real estate advertising is
... well, let's just say it's a langauge all to itself. Take,
for example, the ad above. Sounds like a great deal, doesn't it?
It certainly would be if you didn't have to translate it.
Here, let me show you! Below is a real estate -ese to English
translation of that ad:
Spacious. This means about average size (It's a little bigger
than that apartment you had when you could sit on one end of
your living room and change the channel on the television - at
the other end of the living room - with your big toe.)
Sprawling ranch. It means whoever created this floor plan had no
idea what the meaning of "plan" was. Look at it this way: You'll
finally be able to complete those 10,000 steps every health
expert recommends.
Unaffected charm. You'll need to invest in either a new paint
job or new vinyl siding.
Secluded setting. You can probably guess this one: It's far, far
away from everything you hold dear to you.
Park-like setting. This means (if you're lucky) there is one
tree on the entire block.
Great starter home. Shorthand for you either better be handy
with a hammer and have a large credit card limit at a
home-improvement store, or your brother better be a general
contractor.
Hurry! This one won't last. Literally, hurry. Because the real
estate agent wants to sell it before it collapses.
Though this is an extreme, and obviously tongue-in-cheek
example of the langauge of real estate, the business does have a
jargon all its own. Jumping in to buy that first home can be
quite an intimidating event. Even seasoned veterans can stumble
on some of the terms.
3 Easy Ways to Ensure your Dream House Doesn't Turn into a
Nightmare on Elm Street
A home-buying experience is no time to trust that old proverb
"ignorance is bliss." More often than not ignorance translates
into the potential loss of literally thousands of dollars! Not
understanding your options when it comes to the types of
mortgages available to you, for example, can be the difference
between paying $650 a month or $416. In just one year that's a
potential savings of nearly $2,800. Now multiply that during the
life-span of a 30-year mortgage.
So how can you learn the langauge of real estate in 3 easy
lessons?
1. First, give yourself the gift of time. Immerse yourself in
the fundamentals of buying and selling a home. Start going to
open house before you are fully ready to commit. Don't worry
about wasting the agent's time - he's going to be there anyway!
Consider it an investment in your real estate education.
2. Meanwhile, arm yourself with information. In no other area is
the proverb "knowledge is (buying) power" so true. Search out
all the available printed and Internet sources you have the time
to digest. Yes, yes. This can be truly time consuming. But if
you find the right sites, a lot of the legwork will be done for
you. For example, the web site provides you with up-to-date news
sources. It's a veritable one-stop learning experience. It's
just the type of site that you will want to visit over and over
again, as you learn and stay current with the trends in real
estate. In it you'll not only keep current with the latest
mortgage rates, as well as tips to help make your home-buying
experience a more enjoyable one. And, you'll learn what shape
the real estate markets are nationwide. Planning on moving cross
country. Not to worry! With
www.a-real-estate-guide.com as your
guide, you'll know instantly what to expect to pay and where's
the best place to shop. It's a veritable wealth of real estate
information.
3. Don't trust anyone but yourself to look after your own best
interest. Don't misunderstand this statement. We're not saying
that real estate agents or mortgage brokers are unscrupulous or
even intentionally out to misinform you. But each has a job to
do: sell. The mortgage broker makes money when you take out a
loan. The real estate agent makes money when he sells you a
house. While they want you to be a happy, satisfied customer,
they are also see you as a potential sale. Your job as a buyer
is to try to save yourself as much money as possible. Don't be
swayed by their arguments. Don't "settle" for a house you really
aren't happy with. Question the broker about a better rate, a
lower payment.
While all of this may sound like a lot of work, you'll discover
that searching for that dream house can be quite an enjoyable
journey. Once you're comfortable with the langauge and have such
trustworthy and informative web sites such as To guide you,
you'll discover it isn't necessarily a chore. And while the
"forces that be" may want to persuade you to buy a home larger
than you like or even in an area you don't care for, you'll soon
feel comfortable adhering to your agenda and your needs in your
first home.
Happy House Hunting! (It really can be fun!)
Jeff Little
http://www.a-real-estate-guide.com
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