Defining Real EstateTerms: The Fixer Upper2/8/2016
Defining Real Estate Terms: The "Fixer Upper"
Back in the early days, we decided to purchase our first house. College was finished and our construction business was established. We were ready to take the next step! We roamed around our target community house hunting. We devoured fact and figures. We stalked neighborhoods with our Realtor. At least, we felt that way!
Finally, we selected an older, two bedroom, one bath home on a large lot. The location was ideal! It was a Fixer Upper. With a little investment of elbow grease and cash, we could resell at a nice profit.
That was when the fun started.
One day, a few weeks after closing the deal, I stopped by the house to see the latest accomplishments. I stood in the front entryway and gazed out at the back yard. A lovely, unobstructed view of the yard and fields beyond. Wait. What?! Where were the walls? The rooms? The . . . the . . oh. Oh MY.
"Fixer Upper" means some paint, basic repairs and yard work. At least by my definition. Obviously, it meant something else to my dear husband. So that was lesson number one: Communication.
In the world of Real Estate, descriptive terms can be very fluid. To the Seller, the "glass is half full" while to the Buyer, the opposite may appear to be true. The job of your real estate professional is to learn your definitions, needs and desires in order to steer you to properties that most closely match your objective.
Your agent is not only familiar with a multitude of properties, but they have the advantage of knowing the other agents and offices that list properties. Your agent should be familiar with the tendency of "ABC Realty" to use the word "cozy" when describing an incredibly cramped living space while "XYZ Real Estate" uses that same term to describe a well laid out, comfortable home with a fireplace.
The bottom line is communication. Be very specific when describing your ideal real estate purchase. Details matter! Make a committment to the one that you have spent time sharing your dream with: Your Realtor. By devoting themselves to helping you clarify your goals, they make it their priority to guard your interests, time and investment. Your agent is determined to find you an excellent selection of properties to inspect. This involves quite a bit of time and energy as they sift through listings and talk with agents to clarify details. There are a myriad of activities to be completed in preparation to taking you on a tour of prospective homes. Ask questions, give thorough answers. Build, and then trust, your relationship with your chosen real estate professional. You will enjoy the payoff of your communication for years to come.