How to get past your first purchase
The next time you decide to purchase a property, it might be a good idea to consider the cheat sheet below, developed by British online real estate agent, Russell Quirk.
“For years [the] public has been fleeced by traditional estate agents charging an extortionate and unnecessary 1-2% commission for simply selling their home,” says Quirk, adding that part of the problem is that buyers often have no idea what their realtor is actually saying to them. Here is his Estate Agent Jargon Translator:
Real estate agent (REA): “Ideal for the first-time buyer or as a buy-to-let investment”
Translation: “The property’s small and in a terrible area”
REA: “Conveniently located”
Translation: “Next door to a busy main road and above a takeaway”
REA: “Low-maintenance landscaping”
Translation: “The yard is concrete”
REA: “Tremendous scope for improvement; a real blank canvas”
Translation: “Derelict”
REA: “An ideal purchase as your first three-bedroom home”
Translation: “You can barely fit in the third bedroom”
REA: “Easy-to-maintain living space”
Translation: “It’s incredibly small”
REA: “New price”
Translation: “Was massively over-priced in the first place”
Disclaimer:
This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).
Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.
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