Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home?
Closing costs. Your closing costs are determined by a variety of factors, but you can expect an average of 3% to 4% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates and repairs to the home.
Odd Ends. Buyers can negotiate the seller crediting remaining oil left in the oil tank, remaining wood pellets, firewood, pool accessories, a firepit or any other item the seller might be taking that would be of value to the buyer
Inspection and closing timing. Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just ensure you allow yourself ample time to get your financing in place and complete proper, thorough inspections.
Home warranty. Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner, who is responsible for the deductible on any future claims.
Repairs. Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs. Love how the seller has furnished and decorated the home? Often Buyers may utilize this time to negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances in exchange for specific repair items that were requested.
