Updated: Nov 5, 2020
Have you ever wondered what different real estate acronyms mean? You’ll find important acronyms any aspiring homebuyer needs to know below, as well as some home-staging tips if you’re thinking it may be about time to sell. You’ll also find some ideas to create the perfect outdoor space to relax and unwind if you’re planning to stay where you’re at for another year.
Creating the Perfect Outdoor Space
Your yard doesn’t have to be large or perfectly landscaped to be a great place to relax after a long day. However, if you are looking to go above and beyond without breaking the bank, here are some upgrades to consider.
There are many different seating options you can choose from to personalize your outdoor space. Dining sets, outdoor sectionals, standalone chairs, and hammocks each have their benefits. Start by determining how many people you’d like to be able to seat in your yard and choose comfortable furniture that will also fit your needs.
A gazebo, pergola, or shade umbrella can make a big difference in temperature and ambiance. Consider adding one of these features if your home doesn’t already have a nicely shaded area.
A dedicated beverage area can help cut down on trips back into the house so that you can fully enjoy your time outdoors. A cooler stand, outdoor fridge, or just a bucket of ice can be a great addition.
As it starts getting dark earlier, you’ll find some outdoor lighting can make your space more pleasant. String lights, electric candles, or solar-powered torches placed along paths or decks can enhance the outdoor atmosphere and help you and your guests see where you’re going.
Be prepared for whatever your yard wants to throw at you by keeping essential supplies such as sunscreen, bug spray, and a first aid kit on hand.
Real Estate Acronyms Every Homebuyer Should Know
Real estate involves a lot of acronyms, which can be confusing if you’re not familiar with them. I’ll be happy to help you through each one as it comes up, but if you’re getting ready to buy a home, here are some acronyms you’ll likely run into.
FRM - Fixed Mortgage Rate
This means that the terms of your mortgage never change.
ARM - Adjustable Rate Mortgage
A mortgage with terms that allow the rates to increase or decrease at certain intervals over the course of repayment.
CMHC - Canada Mortgage and House Corporation
A government agency that insures mortgages, enabling more people to qualify for loans.
PMI - Private Mortgage Insurance
An expense home buyers must pay if they provide less than a 20% down payment.
PITI - Principle, Interest, Taxes, and Insurance
A more complete list of expenses to expect from your monthly mortgage payment.
REO - Real Estate Owned
REO properties are foreclosed upon by lenders when the borrowers fail to make the payment.
CMA - Certified Market Analysis
A report prepared by a real estate agent or broker to determine the value of a home based on comparable listings in the area.
MLS - Multiple Listing Service
A collection of all the properties for sale in the area.
Home Staging on a Budget
Selling your home can be a great way to cash in on equity that you’ve built up over the years, and staging your home can maximize your return. But good home staging comes with a price. If you’re on a budget, but still want to attract buyers and maximize your profits, check out the staging-budgeting tips below.
While there are some aspects of home staging that are best left to the professionals, most homeowners can handle decluttering and deep cleaning their home. If you have pets or smoke inside the home, you can also take steps to eliminate any lingering scents that may deter potential buyers.