Real Estate Jargon- What It Really Means!

Updated 2024

If you’re ever online browsing the latest listings, you will encounter real estate jargon. Many of these terms are written in a way that sounds glamorous but actually poses some red flags about a home. Real estate jargon can definitely be misleading.  

As a buyer, you should be wary, as some of these terms can make a house seem better than it is in the hopes that you will pay more. That’s not to say you shouldn’t overlook a few minor flaws. Nothing is perfect, after all. However, you also don’t want to end up with a house that needs more repairs than it is worth.

As a seller, you should give your potential buyers a little more credit and work to write a real estate listing that accurately describes your property while portraying it in a positive light. If using any of the phrases below, be sure they are very clear and specific. Being honest helps to instill a sense of confidence in potential buyers and make them more likely to place an offer on your home.

Here are a few terms that might indicate that the author of a listing write-up is taking the concept of “creative liberty” a little too far. 

1. Cozy Bedrooms 

According to the dictionary, “cozy” means comfortable and snug. Those two words may be appropriate when describing a soft, fuzzy blanket, but not when it comes to a house. It’s a common joke in the real estate industry that “cozy” generally refers to a space too small to turn around in.

When the writer wants to get really creative, you may see the word “dollhouse” instead. It makes it sound cute and endearing and would probably be perfectly ideal – as long as the people living in the house are not bigger than dolls.

However they describe it, you can almost bet that not a single room in the house is big enough for a queen size bed. Thinking of upgrading to a king? You’ll have to move first or tear down a wall, at the very least.

If you decide to buy a house a little on the small side, make sure you do so because you because you don’t want the space or the maintenance that goes along with it–not because a listing description made you feel warm and fuzzy. When selling a house, be forewarned that a savvy buyer knows exactly what you mean when you describe any little nook as “cozy.”

Looking for even more insight before buying a new home in Toronto? The resources below can help you be more informed:

• Where Is The Best Value In Etobicoke When Buying A Home?
• How Can Home Buyers Find A Great Deal In Etobicoke? 
• How To Tell If Your Dream Home Is A Money Pit Or A Worthwhile Investment

2. Must See Inside 

It’s the inside that counts, right? So if you could just close your eyes or put on this blindfold as you approach the exterior of the home, that would really help out the seller and their listing agent. Because if the inside is a “must-see,” chances are it’s because the outside is what nightmares are made of.

Every house needs a certain amount of work before it’s just right. But to call this exterior “ugly” might qualify as the understatement of the year.

3. Partial Lake View 

If you climb up to the roof, you’ll get a glimpse if you’re lucky. As long as it’s not hazy, windy, and there’s no traffic, and all of the people in the skyscraper in front of you have been considerate enough to clean their windows. 

Generally speaking, if a house advertises a “partial lake view,” it simply means there is a lake somewhere in the proximity. How far you have to walk or drive to see it is anyone’s guess.

4. Easy Highway Access 

Sure, it’s easy, considering the street is the equivalent of an arterial route to the highway. Get ready for the sounds of horns honking and engines revving at all hours of the day and night. If the noise doesn’t make you decide to never again sleep with the windows open, the fumes just might. 

Whenever you see the words “easy highway access,” be sure that you’ve got easy access to Google Maps to check the distance.

5. Tudor Style 

The house has two attic-style bedrooms, and there’s a good chance that it’s not insulated properly. This means you’ll be freezing in the winter and die from the heat in the summer. You might solve the situation by relegating your daily life to the lower level, thus eliminating any benefit of the spaciousness of two levels. “Cozy,” anyone? 

Your other option is to tear open the walls and add insulation after you take possession, which further adds to the expense of buying the house.

6. Easy to Maintain

The phrase “easy to maintain” might indicate that a lot of work has been done before the sellers listed the home. Or it could mean that you’ve just acquired a condo with a property management company to take care of most outdoor tasks. These are both great news for a buyer.

Most of the time, however, “east to maintain” just means small. As in so tiny you can’t turn your lawnmower around and have to lift it up and twist to face the other direction. That pergola or gazebo you envisioned sitting under during the warm summer months is not in the cards, either. In other words, you might say that “easy to maintain” is the equivalent of “cozy” for the exterior.

7. Ideal for First Time Home Buyer

There are so many meanings behind “ideal for first-time buyer,” and few of them are good. Unfortunately, Toronto’s real estate market is challenging for most people trying to buy their first home. At best, it’s modest and small; at worst, it’s on the verge of being condemned. 

Another way to look at it is that no one with money or substantial equity would ever consider giving the house a second glance. 

8. A Few Cosmetic Repairs Needed

Also known as “in need of a little TLC,” this description raises two red flags for us. First of all, define “cosmetic.” Secondly, define “a few.” A fresh coat of paint may be no big deal. Changing the wall colour is often one of the first steps after a new buyer moves in. And a few flaws that are indeed only cosmetic could mean you get a better price on the home. 

On the other hand, many sellers understate how much work is actually needed before the house becomes livable. Perhaps some peel and stick tiles will do the trick; or it may need to be completely gutted with new floors, new appliances, a major bathroom renovation, and repairs to the foundation. In any case, a home inspection is your friend whenever you see this dreaded phrase.

9. Convenient Location

See also: loud and congested. There are crowds everywhere, and maybe even a hopping bar right on your street. For some people, this might be exactly what you’re looking for.

However, you should know what you’re getting yourself into. A laid-back peaceful lifestyle and “convenient location” can go together, but it is rare.

Does your home purchase depend on a successful sale of your existing property? Learn how to maximize your results in the posts below:

• My House Didn’t Sell. Now What Should I Do?
• What Are The Fastest Ways To Add Value To Your Home When Selling?
• What to Look For in a Real Estate Agent When Selling Your Home

10. FSBO

FSBO stands for For Sale By Owner. It means that the seller is working without the assistance of a real estate agent. Depending on the situation and whether the homeowner knows what they are doing, this could be great news for the buyer. 

The seller might have very misguided views on what the home is worth. Pricing way too high is one of the most common errors, but they might also underestimate how much they could earn. All in all, FSBO properties usually earn less money than those assisted by a professional. 

As a buyer, your best bet is to work with an experienced real estate agent, especially if the existing homeowner foregoes professional advice. Even in an FSBO sale, it is the seller who pays your agent’s commission, so there’s typically no charge on your end. 

If you understand the above terms and can read between the lines, you are more savvy than almost anyone else in the market today! When buying or selling, working with an experienced Etobicoke real estate team can help you achieve the best possible results on both sides of your transaction.

Do you have questions about buying, selling, or investing in Etobicoke real estate? Our knowledgeable team is happy to guide you every step of the way. Reach out to contact@thompsonsells.com or call 416-450-5900 for more information.