Have you ever been on the hunt for a new house and wondered what the myriad of jargon and buzzwords being used by estate agents actually mean? Sound familiar? Whether you’re selling or buying a property there’s already plenty to consider – and not understanding some of the lingo being used by the experts can only make the situation a lot more stressful.
The team of experts at Shortland Horne is on hand to help. Here, we examine some of the most commonly used jargon and buzzwords used by estate agents and what they really mean.
House descriptions
If you hear estate agents describe a property as ‘cosy’ or ‘compact’, then they typically mean it’s small. A ‘bijou’ property might also be small but is used to describe a home that’s elegant and stylish. For homes that are ‘larger-than-average’ in size, estate agents might use the phrase ‘spacious’ – with ‘deceptively spacious’ referring to homes that appear smaller from the outside but offer plenty of room inside.
If a property comes with lots of original – and in some cases, older – features, it could be described as ‘charming’ or ‘quaint’.
Property conditions
Understanding the condition of a property is crucial for home buyers. If a listing says a property is ‘move-in ready’, it usually means it’s in good condition and doesn’t need immediate work.
However, if you see that a home ‘needs modernisation’, be prepared to make significant updates. A ‘fixer-upper’ usually requires extensive renovation or repair work.
Room details and features
Are you looking for large spaces – perhaps where rooms like the dining and kitchen areas are combined? Look out for the term ‘open-plan’ living. Properties with ‘period features’ have original characteristics from a specific era, such as Victorian or Georgian, which can add charm and value.
An ‘en-suite’ means a bathroom is directly attached to a bedroom. A ‘fully fitted kitchen’ refers to a kitchen that includes all major appliances and fixtures, ready to use.
And remember to take note of which way the garden faces. ‘South-facing’ properties or gardens receive a lot of sunlight throughout the day. On the other hand, ‘north-facing’ properties don’t get as much sunlight and can therefore be a lot cooler.
Market terms
Recognising and understanding market terms can provide a lot of clarity during the buying process. ‘Chain-free’ of ‘no-onward chain’ properties means there’s no dependency on the seller buying another property – which can often speed up the transaction.
‘Offers in the Region Of (OIRO)’ indicates an element of price flexibility and often means the seller will accept an offer within a certain range. A ‘guide price’ is the expected price range and is a commonly used term at auctions.
If a property is ‘under offer’, this means an offer has been made or accepted, but the sale is not yet complete. If you see that a property is ‘sold subject to contract (SSTC)’ means an offer has been accepted, but the final contract has not been signed.
Buying and selling process
There are several stages to the buying and selling stages. An ‘appraisal’ is the valuation of a house, usually carried out by an estate agent. It determines the property’s worth.
‘Stamp duty’ is a tax applied to a property that will be paid by the buyer of a property. The stamp duty rate depends on a number of factors including the value of a property and whether the person purchasing a property is a first-time buyer or not.
If you hear the term ‘vendor’, then this is another term for seller.
When a property is legally transferred from one owner to another, this is called ‘conveyancing’. This is usually carried out by a solicitor or conveyancer and will begin when an offer has been accepted.
Once a sale reaches ‘completion,’ the keys can be exchanged, and the buyer can move into their own home. This is the final step in the buying process.
Financial terms
When exploring financial terms, the ‘deeds’ of a property are the legal documents that confirm who owns the property. The difference between the value of a property and how much is still left to pay on the mortgage is referred to as ‘equity’.
‘Freehold’ means the buyer owns the property and the land it’s on. In contrast, ‘leasehold’ means the buyer owns the property but leases the land for a number of years.
Are you buying, selling, moving or renting?
Are you thinking about your house on the market? Maybe you’re looking to make your next move? The team at Shortland Horne are your local property experts. You can count on us to ensure the process is as hassle-free and smooth as possible. Get in touch with Shortland Horne today.