Like many areas of life, the real estate business has its fair share of sayings and clichés.
The most common is “location, location, location” because a great location can be worth just as much, if not more, than an amazing house.
Other popular phrases represent essential elements of buying and selling property. Here’s a few you’re likely to hear once you enter the property market.
Buy the worst house in the best street – This is all about buying in a good location. Improving your home is within your power, but enhancing your street is not. It’s a good idea to heed this wisdom, especially if you’re on a budget.
Million-dollar-views – Sometimes, the views can be worth a million dollars or more. Maybe you’ll grow bored or complacent with them after a year or two. But they’ll always add an inherent value to your property.
Value exists in the land, not the building – This can be difficult to appreciate, especially if you’re viewing a beautiful home. However, this phrase tells you that the asset is the land, and the liability is the dwelling. Buildings cost money to maintain and decline in value as they get older. Conversely, land appreciates over the years. This is why prices for houses rise faster than those for apartments.
Think ‘time on market’, not timing the market – Trying to pick the optimal time to enter the market to buy or sell is fraught with risk. The best advice is to move when you’re ready. When you do so, the prevailing conditions will also affect your subsequent sale or purchase. If you’re selling, it’s time on market that affects whether you’re likely to achieve the price you want. The longer your home remains on sale, the harder it becomes to achieve its asking price. That’s why you need an awesome agent!