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Tips and Guides

8 Real Estate Terms that You Need to Know

Should you go for a medium-rise or high-rise home?

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Photography: Ocs Alvarez/ACME Visual Productions

Are you planning to buy a new home or a new unit? Have you always wanted a loft? There are different terms that you will encounter when house hunting. It's important that you familiarize yourself with commonly used terms so that it will be easier for you to communicate with your agent.

We've listed down eight common terms that you should take note of. 

Loft

A condominium unit with a double-height ceiling, occasionally with space for a second level

Model Unit

A decorated interior space that approximates the size and shows the amenities of the actual residential unit for sale

Medium-rise condo

A residential building that is four to 12 storeys high

Leisure Development

A residential development packaged as vacation homes with access to various recreational amenities

Mixed-Use Condo

A residential building mixed with commercial establishments on other floors like office spaces, shops, or restaurants

Duplex

In a Filipino context, a house that is divided into two separate residences but sharing the same structure

Pre-selling

A residential unit for sale, that hasn’t been constructed yet. Pre-selling prices are usually lower than units on sale that have already been built

Single Detached

A house that has no other adjoining residential structure on its lot

See the complete list and read the original article in the August 2008 issue of Real Living Magazine. Download your digital copy of Real Living on the Real Living App now! Log on to summitnewsstand.com.ph/real-living for more details. 

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