REAL ESTATE DEFINITIONS–MORE OF THEM
January 8th, 2010 categories: Market Trends
From time to time I like to share a few definitions with you–here are four more that you may or may not know:
- Pocket door. A pocket door slides into the wall when it is opened. Many vintage homes have beautifully carved or inlaid wood pocket doors dividing the “parlor” from other rooms. In today’s smaller homes, pocket doors are a good solution when space is short and there isn’t room for a conventional door to swing. Frequently a pocket door can be found between a bedroom and bath. It can be a very useful space saver.
- Annual Percentage Rate (APR). This is the cost of your loan expressed as a yearly rate on the balance of the loan. It is designed to measure the true cost of the loan and is different from the note rate.
- Curable defect. This is a minor deficiency that can easily be fixed. Usually it is something like a drippy faucet that just needs a new washer or dirty carpet. This type of defect frequently becomes a part of the negotiations in the sale of a home.
- Fixer Upper. Now this is the most indefinite of all the definitions. My fixer upper could easily be your move-in condition. My feeling is that a “fixer upper” should be approached with care. Many distressed properties are “fixer uppers.” Caution is probably the best approach–get estimates from contractors for the work you feel is necessary to give you a comfortable home and then take into consideration the time and effort besides the dollars that you need to invest. It just may be worth doing. A competent home inspector can point out areas that might need updating that are not cosmetic–things such as an outdated electric panel, an old water heater–that sort of thing.
Hopefully, this information has added to your real estate knowledge. If you have other questions, please let me know. Direct line, 312 981-2360, cell phone is 312-312-607-1306. E-mail is wonderful too!
Other posts that might interest you are:
Choosing a Listing Agent–Here’s How
Sweet Dreams? No! A Bit Kooky? Yes!
This entry was posted on Friday, January 8th, 2010 at 1:45 pm and is filed under Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
