The real estate industry is known for its unique lingo, terms, and phrases that are commonly used among professionals. Unfortunately, that makes the process of purchasing or investing in a property unnecessarily complex for many people.
Don’t worry we got you!
In this blog, we will shed light on the key real estate terms (+ their meanings of course) you need to know.
Real Estate Terms To Know In 2024
Whether you’re a veteran investor or a first-time homebuyer, familiarizing yourself with these real estate terms will help you navigate the market more confidently.
- Payment Plan: A payment plan includes the exact specifications of what you will pay to purchase a property such as years of installments, down payment (if there is any), and exactly how much you will pay in each of those steps.
- Down Payment: This refers to the upfront payment made towards the purchase of a property. It is a percentage of the total price set by the development company.
- Expression of interest (EOI): A type of payment specifically for newly-launched projects that you pay to book a property. Usually, it is a fixed amount for each property type and can be refunded.
- Built-up area: The square meter of the property/building itself excluding additional features like a garden.
- Maintenance fees: An amount paid annually (or any other pre-specified period) for maintenance, repair, and management of the common areas and shared amenities within the community.
- Listing: A property available up for sale.
- Home inspection: An examination of the overall condition of a property. This is an essential step for resale properties.
- Mixed-use project: A project that has residential and commercial/administrative units.
- Amenities: All facilities and services available within the gates of a compound.
Final Thoughts
Understanding the most terms in the real estate industry can empower buyers and sellers to make informed decisions and navigate the market with confidence.
Do you know who else can do that? Nawy!
Contact Nawy’s professional team of property consultants through the Call/WhatsApp button for all your real estate needs.
