Like any industry, real estate has its own jargon. But for buyers about to make the single biggest purchase of their life or renters struggling to snag an ideal home, these terms can make an already overwhelming process even more complex.
As if saving for a deposit or house hunting weren’t time consuming enough, deciphering agent code and industry lingo is another layer of effort many of us don’t have the energy for. With this in mind, we’ve rounded up common real estate lingo in one place for you.
An A to Z glossary of real estate jargon:
Amortisation period – The length of time it would take to pay off a mortgage in full.
Appraisal – A property appraisal is an estimated market value of your property in the current market, undertaken by a real estate agent.
Appreciation – An increase in the value of a property over time.
Auction – The sale of a property, done in public and held by an auctioneer, where the home is sold to the highest bidder.
Bank valuation – A bank’s estimate of the property value, which is often conservative.
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