Nawy bytes

A Detailed Guide To The Key Real Estate Terms You Must Know In 2024

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.

Merna Helal

SEO writer obsessed with good copy and conversational blogs. If not writing about real estate, stock market, or investments, you will find me hanging out with my 3 cats.

Recent Posts

Mivida Gardens Compound Location, Amenities & Prices

Mivida Gardens Compound is one of the premium mixed-use developments at the heart of East…

2 days ago

Ultimate Guide to Types of Finishing in Real Estate: Pros and Cons

We know that purchasing a real estate property can feel overwhelming. Between locations, layouts, and…

3 days ago

Taskeen: Seamlessly Start Your Brokerage Company

Real estate brokerage and technology going hand in hand has made the industry unstoppable. It…

1 week ago

Top IB Schools In Egypt​ : Your Full Guide

Elite education is the top priority of parents looking for a new school for their…

3 weeks ago

Buy Property in Egypt for Foreigner: A Thorough Guide

The real estate industry has been in an unparalleled evolving state for a while now,…

1 month ago

5 FAQs on Hyde Park 6th Settlement: Master Plan, Prices & More

Before diving into the Hyde Park 6th Settlement master plan, let's ask you some questions.…

1 month ago