5 Real Estate Terms & What They Actually Mean
It's important to use language that accurately and effectively describes a property. However, sometimes agents use certain words and phrases that may not mean exactly what they seem. Here are a few common terms that real estate agents use in Toronto listings, and what they actually mean:
"Cozy" or "Charming": This term is often used to describe a small or modest property. While it may seem like a positive attribute, it's important to note that "cozy" could also be a way of saying that a property is small or cramped.
"Fixer-upper": This phrase is often used to describe a property that needs renovations or repairs. While it may be a good opportunity for someone who is handy and looking for a project, it's important to note that a "fixer-upper" may require significant time and money to bring it up to a livable standard.
"Updated": This term is often used to describe a property that has had recent renovations or updates. However, it's important to keep in mind that the definition of "updated" can vary. Some agents may use this term to describe a property that has had minor cosmetic updates, while others may use it to describe a property that has had major renovations.
"Great location": Like "updated," the term "great location" is subjective and can mean different things to different people. Some agents may use this term to describe a property that is located in a popular neighborhood or close to amenities, while others may use it to describe a property that is located in a less desirable area.
"Turnkey": This term is often used to describe a property that is ready to move in to, without the need for any renovations or repairs. This may be appealing to some buyers who don't want to deal with the hassle of fixing up a property themselves. However, it's important to note that "turnkey" properties may come at a higher price point, as the seller has already completed any necessary updates or repairs.
It's always a good idea to do your own research and ask questions when looking at real estate listings in Toronto. Don't be afraid to ask an agent to clarify any terms or phrases that you're not familiar with.
By understanding what these terms really mean, you can make a more informed decision when it comes to purchasing a property in Toronto.