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How to Talk Real Estate
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Part of the fun of looking at real estate on Hilton Head is learning the language. Many tried and true Island words are new to the mainland, and sometimes the Island version of a mainland concept is different. Here is a selected list to help you along:
- Amenity - The word is used to label any feature of recreation, entertainment, convenience or scenic view relating to a piece of real estate, whether a lot or an entire development.
- Amortization - Installment payments of the principal on a mortgage loan.
- Appreciation - Any increase in the value of property. Typically as Hilton Head real estate becomes more in demand or as certain areas are sold out or as building costs increase, appreciation is enjoyed.
- Condo - short for condominium
- Condominium - A condominium is one apartment which you can purchase in a group of apartments. You own that one unit and share in the ownership of the grounds, swimming pool or other common property.
- Covenant - A covenant is an agreement. Much of the property on Hilton Head is subject to covenants or agreements made by the current or original owners of that property to protect its ecology and insure its proper development.
- Easement - A permanent right of way granted to another party authorizing them access over your land. The phone company, the electric company, or others may have easements for power lines, underground pipes, access paths for bicycles, or walkways to the beach across the lot you are considering. Some easements are very positive if they are paths to the beach or natural areas that touch your lot, extending its apparent size.
- Equity - The financial interest the owner has in the property. If a property value is $100,000 and the owner owes $50,000 on the property, his equity is the remaining $50,000.
- Nature Blending - A term used to describe the use of color, materials, and designs that balance the building on Hilton Head with the natural setting. This is a big reason you like Hilton Head. Find out more about it.
- Patio Home - A patio home is built on a patio lot and usually has a big patio. The big patio is used to enjoy the seemingly big private lot. The lot seems big because the home is situated on the edge of the lot rather than in the middle. The privacy comes in because the patio home is in a patio subdivision which has been planned so each patio home is on the right edge and the windows, patio walls, etc. screen and protect each owner's privacy.
- Plantation - A plantation on Hilton Head is like a community. Like the plantations of yesterday the pace is easy and the style is grand. Similarly the area of the plantation is controlled. Entry is controlled, development is controlled and the "cotton is high".
- Regime - If you buy a condominium or villa, you will become part of a regime. A regime is a multi-private government set up to administer the ownership and operations of the common property. Plantations have regimes also to administer the common property. These regimes are often called a "property owners association."
- Timesharing - Let's say you and eleven friends bought a home at the beach together and each took one month per year to call his or her own. That's known as Timesharing. If you were smart, each friend would put in a certain amount of money each month to cover maintenance, garbage collection, etc. as well as the purchase cost. The Island developers or their managing agent have set up some of the best the Island has to offer.
- Villa - This is one of the Island's ways of saying condominium. Villa denotes the character of the place rather than the legal description of the type of place.
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© Copyright Down South Publishers, 2001
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