When you decide to buy a house, it's normal to have a lot of questions about the terms you read. In fact, it can sometimes feel as if you have entered a new world. You might miss a lot of details if you are not aware of the definitions of the terms used.
These are some of the words you need to know as you shop for a home.
Home Design Terms
As you shop for a home, you will learn a lot about different home designs. For example, an A-frame home is one with a steep, peaked ceiling. You may have also looked at some bungalow homes. Bungalows are typically small houses with sloped roofs, often with a veranda or large porch. A Cape Cod home generally has a steep roof with a wood frame. It is reminiscent of the 1600s and 1700s.
Of course, these are not the only design terms you'll see, but they are some of the most common you might find as you peruse the real estate listings.
Home Conditions
You also need to be aware of the different conditions of homes. For example, you may read that a home is available in as-is condition. A home that comes in as-is condition is one that does not have any sort of guarantee or warranty. When you buy this home, you are buying exactly what you see with no promise of anything getting fixed.
Financial Terms
Any buyer needs to learn some of the most common terms associated with finances. These can be some of the most confusing terms to learn, but real estate agents can explain a lot of the information to you if necessary.
For example, you need to be clear about closing costs. Closing costs are a percentage of the mortgage cost and include the fees associated with legal paperwork, title insurance, and other components of the closing process.
Not only do you need to know the definition of the terms, but you also need to know the value of these figures. For example, you may know that you need to put money down on a piece of property, but do you know how much your down payment will be?
Contact a Residential Realtor
Do you want to know more than the basic terms? It's important to understand the vocabulary, but it's more important to have a professional on your side. Contact a residential real estate agent like John Tar, Premier Real Estate Agent to learn more about buying a home in your area.
