The 5 Industry Abbreviations that First Time Home Buyers Need to Know
To get the best deal on your starter home, it can seem like you need an encyclopedic knowledge of local real estate, a great agent to navigate the deal, and a solid grasp of real estate lingo. If English is your first language, imagine the entire closing table discussion taking place in Korean. Do you think you might lose a few bucks in the exchange?
Lingo is that language that makes the small print even smaller. Here are 5 industry abbreviations that you need to know about as a first time home buyer.
CMHC - The Canada Mortgage and Housing Corporation
The CMHC acts as administrator of the National Housing Act for the federal government and sells many mortgage insurance products that may help first time home buyers more cost effectively purchase a home. If a buyer places less than 20% down on a home, an extra insurance payment must be made to the CMHC, and this is the organization that regulates many of the uses of a particular property.
xB/xB - The Bedroom/Bathroom Count
Rewind back to algebra class and look at the above abbreviation like a math equation. "X" is usually a variable that gets replaced by a number, right? You have undoubtedly seen a listing in the formal "3B/3B" or "2B/2.5B." This is the number of bedrooms and bathrooms in a home, the most important rooms to consider when it comes to assessing value and determining the function of a home.
"3B/3B" is fairly straightforward - this is a home that has three bedrooms and three bathrooms. However, a listing such as "3B/2.5B" may be a bit confusing. A half-bath simply means that the bathroom only has a toilet and a sink. You may also see a listing with 2.75B or 1.75B, meaning one of the bathrooms has a shower without a tub.
f/fin bsmt - Fully Furnished Basement
If you are looking for a basement space that has the same amenities as a bedroom, then you need to look for the abbreviation "f/fin bsmt" or something similar. A home may be listed as fully furnished; however, the basement is not included unless you see this abbreviation specifically.
Other helpful sites:
Here is a list of almost every real estate abbreviation I can think of, and it doesn't appear to be industry sponsored if that makes you more comfortable.
And I am always happy to help you further, just send me a text at 613 334 5614 or call toll-free to 888-667-7653.