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 a necessary task, in order to ensure you are getting the best possible deal for your money. Also, you need to do it in an acceptably tactful manner so that you don’t scare off the seller. 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 it to be between 2% to 5% of the purchase price. Ask the seller to cover some or all of the closing costs upfront. Your Realtor can explain how this is done, and help you write it in to your offer.
- Furnishings. Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting to make the home more appealing.
- 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.
As always, I recommend leaning on the experience of your Realtor. Choose someone who answers your questions on these negotiation items and can explain them in terms you understand. Good luck, and happy house hunting!
Keller Williams Integrity First Realty
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