Whether you are a first-time home buyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful, and sometimes confusing on what all is up for negotiating when buying a home. That being said, however, you want to make sure that you are getting the best possible deal for your money and getting the best deal you possibly can. So, what should you negotiate when buying a home?
1. 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 or request a closing credit that can be used to make specific updates and fixes to the home.
2. 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.
3. 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.
4. 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.
5. 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.
These are just some of the things a buyer can negotiate during a contract and in most cases, it doesn’t hurt to ask. Consult your real estate agent if there is some negotiating you want to do. See what they think about your ideas and what they think would be okay to ask for.