- A relatively small and inexpensive property that is typically bought by first time home buyers. This type of property is usually traded up for a more expensive property once the home owner has gained equity in the property.
fixer, adequate, affordable dwelling, upper, first home, cheap
Related Terms and Acronyms
- Custom Home — Definition,
- A house built according to plans from an architect hired by the owner.
- First Mortgage — Definition, Important,
- A mortgage that is the primary lien against a property.
- Investment Property — Definition,
- Property bought with the hope of it making money.
- Move-up Buyer — Definition,
- One who is selling a house to buy a more expensive house.
- Pre-sold Home — Definition,
- A house that is sold prior to construction as opposed to a house built on spec.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- Semi-custom Home — Definition,
- A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
- Speculation Builder — Definition,
- A developer that builds houses without a commitment from a purchaser.
- Speculation Home — Definition,
- A house built before a buyer has been found, on the assumption that one will be found.
- Trading Down — Definition,
- Selling a more-expensive house to buy a less-expensive dwelling.
- Trading Up — Definition,
- Selling a house to buy a more-expensive house.