Unless you already work in finances or real estate, then when you start looking to buy your first home, it will be one of the biggest learning experiences of your adult life. My partner and I are looking to buy a home and I have learned more in the last two months than I have learned in the last five years. Every meeting we take has me learning new and very important concepts about which I knew nothing before. I’m sure the very first lender and realtor I spoke to thought I was completely clueless—and I was. The more meetings I take, the more homes I view, and the more research I do on my own, the more I realize that purchasing a home will introduce a whole new vernacular into your life. Here are terms you should learn before you start house hunting.
Common interest development
A common interest development property can be a townhouse, condo, or single-family home with community spaces. So even a stand-alone house can be considered a CID if it’s within a group of properties that enjoy, say, a shared swimming pool, gym, tennis courts, and things like that. Living in a CID will make you subject to paying homeowner’s association fees, since the HOA will handle the maintenance of these shared amenities.