9 Common Real Estate Lingo for First-Time Buyers 

While scrolling through online real estate listings, you may have encountered some terms and wondered what they mean. And while you like the pictures of the property and the price seems reasonable, the listing does say “modern” and “handyman special.” 

Let’s decode those terms used on most real estate listings and prepare you to be a smarter house hunter.

Convenient Location or Accessible to …  

If a listing emphasizes the property’s proximity to a shopping center, a school, an Islamic bank in Michigan, or other popular attractions, expect to pay more for it. These homes tend to have a higher market value due to their location, thus commanding a higher price. 

Cozy or Charming 

When you see the word “cozy” on a listing, you might think of a warm, comfortable place. But in real estate terms, these mean a tiny home with minimal space. We recommend checking the dimensions before pursuing the property. 

Fixer or Handyman Special 

These are fancy terms for a property that would need major renovations and a ton of elbow grease to be fully livable. It’s possible that the home may come with a lower price tag, but the buyer would have to shell out extra cash to get it in shape. 

Modern 

The term “modern” can mean a couple of things. On one end, it can be a recently built home with a contemporary style and updated amenities. On the other end, it could be a property built during the 50s and 60s, also referred to as the mid-century modern.  

Move-In Ready or Turnkey 

Properties tagged as either “move-in ready” or “turnkey” means that buyers can easily move in without any major work. And while it’s more convenient and tempting for the buyer, this also means that sellers might demand more money for the home.  

Room to Roam 

If you’re shopping for a home with ample outdoor space for play areas or a garden, then look for the words ‘room to roam’ on the listing. Homes that are listed with this term usually have large yards ideal for outdoor activities.  

Recent Owner Updates or Updated 

Most listings on the real estate market will have this term, as it can help sell the property faster. However, “updates” done on a home can fall on a spectrum, from complete renovations or a full repaint to replacing a socket or doorknob. Take time to ask for the specific updates done on the property. 

Up-and-Coming Neighborhood or Emerging Location 

Another real estate term that could mean a couple of things. It can refer to an actively evolving location with few homes and is great for those looking for some peace and quiet. It can also be a property located in an area with numerous run-down homes being worked on. 

Well-maintained or Original Details 

While the term “well-maintained” may indicate that the home has some years in it, it may have some fixtures that could capture a buyer’s interest. Expect to do some work on the property either upon moving in or soon after. 

And Knowing is Half the Battle 

Now that we’ve demystified some common real estate terms found on listings, finding the right home for your needs will be easier. Additionally, we’d recommend talking directly with the seller or the realtor to clarify some questions you have about the property, saving time and money in the process.  

Ready to buy a home? Start an application with ijaraCDC today and see which Islamic finance home acquisition options will match your situation.