A Cash-Out Refinance allows homeowners to replace their existing mortgage with a new, larger loan, providing them with the difference in cash.
A change order is an amendment to the construction plans after they have been finalized. This process can often lead to increased costs and timeline extensions.
Curb appeal refers to the attractiveness of a property, particularly residential homes, as seen from the street, and is a critical aspect in real estate marketing and valuation.
A fixer-upper refers to a property that requires repairs, renovations, or updates, often purchased at a lower price with the intention of improving it for resale or personal use.
A handyman’s special is a term used in real estate classified advertising, which generally refers to a house needing extensive repairs and remodeling, sold at a relatively low price. It offers potential for profit if the buyer can perform the necessary upgrades.
A Home Equity Line of Credit (HELOC) is a revolving line of credit that allows homeowners to borrow against the equity of their home, typically used for major expenses, home improvements, or paying off high-interest debts.
A mudroom is an area within a house near an entrance that provides space and facilities for cleaning shoes and other outerwear. Usually equipped with a lavatory or laundry sink and storage for coats and boots. Also called a transition room, especially in upscale homes.
Oriented Strand Board (OSB) is a type of engineered wood used extensively in construction and home improvement projects. Known for its strength and versatility, OSB consists of compressed layers of wood strands bonded together with adhesives.
Rehab, short for rehabilitation, refers to the process of restoring or improving a property to a better condition, often for resale or rental purposes. It typically involves fixing structural issues, upgrading systems, and enhancing aesthetics.
Remodeling refers to changes made to the appearance and functional utility of a building, which could include painting, repairing, and replacing of fixtures and equipment.
Siding refers to materials used to protect and insulate the exterior walls of a building, typically made from wood, vinyl, aluminum, fiber cement, and other materials designed to mimic clapboards or shakes.
The soffit is the underside of a roof that extends beyond the exterior walls, covering the eaves.
Staging refers to the process of preparing a residential property for sale through various means such as remodeling and interior decoration to enhance its marketability.
Sweat Equity represents the value added to a property due to improvements as a result of work personally performed by the owner. A prime example is when property owners pour their own time and energy into repairs and renovations, thereby increasing the property's value.
Upgraders are homeowners who seek to purchase what they believe is a better home, often referred to as 'move-up' buyers. This usually involves acquiring a larger, more conveniently located home, or one with additional amenities. Typically, the new home costs more than the proceeds from the sale of the old home.
Veneer is a thin layer of material, typically wood or brick, applied over a less attractive or less expensive surface to enhance its appearance and provide a refined finish.
The Work Triangle is a concept determining the efficiency of a kitchen layout by measuring the total distance of the sides of the 'triangle' connecting the refrigerator, range, and sink. Optimal distances range between 15 and 21 feet to allow for smooth workflow and movement.
In real estate, a yard refers to the outdoor area that surrounds a home or building. This can include front yards, side yards, and backyards, each offering unique opportunities for landscaping, leisure activities, and adding aesthetic value to the property.
