Starter Home

Definition

A concept from the 1990s where young people could afford a small first home before upgrading. Now it mostly exists as a fairy tale told by boomers alongside legends of affordable college and pension plans.

Example Usage

"My parents bought a starter home at 25. I'm 35 and my starter home is my childhood bedroom with a new coat of paint and shattered dreams." - A millennial

Related Terms

Beginner

commission

The beautiful moment when someone gets paid a percentage for making something happen, whether that's selling a house, brokering a deal, or convincing someone to buy timeshares. It's the financial incentive that turns salespeople into your new best friend until the contract is signed. In real estate, it's typically the 5-6% that makes agents answer your calls at 9 PM.

🏠 Real Estate

Advanced

euclidean

Relating to the traditional geometry you suffered through in high school, where parallel lines never meet and the shortest distance between two points is a straight line. In real estate zoning, it refers to strict geometric separation of land uses—because apparently houses and corner stores can't peacefully coexist. Named after Euclid, the ancient Greek mathematician who never had to deal with modern city planning committees.

🏠 Real Estate

Beginner

cosmetic rehab

Property improvements limited to aesthetic updates like paint, flooring, and fixtures without addressing structural or mechanical systems. It's the difference between a facelift and actual surgery.

🏠 Real Estate

Advanced

planned unit development

A type of zoning allowing flexible development within a defined area, mixing housing types, densities, and uses while preserving open space. PUDs let developers cluster buildings creatively instead of following rigid lot-by-lot rules.

🏠 Real Estate

Advanced

debt service coverage ratio

A metric comparing property income to debt payments, calculated by dividing net operating income by annual debt service. Commercial lenders worship this number, typically requiring 1.25 or higher to prove you can actually afford the loan.

🏠 Real Estate

Beginner

appraised

The past-tense acknowledgment that a professional has officially determined your property's market value, often resulting in celebrations or tears depending on whose side you're on. This valuation becomes the gospel truth for lenders deciding how much money they'll actually give you. Getting appraised is like being graded on a test where the questions keep changing based on what your neighbor's house sold for.

🏠 Real Estate

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