Many people buying a home for the first time don't know that they can negotiate the price and so much more. Although your real estate agent will proactively negotiate on your behalf, you too should push him to get the best deal possible. Here are four things you should negotiate when buying a home
3 Things You Can Negotiate as a New Home Buyer
Home Repair Costs
Physically inspecting a home might not reveal all the areas that need repairs, but you need to have an inspection carried out by a certified and experienced home inspector. Inspect the condition of the roof, the plumbing, electrical connections, appliances, bedrooms, kitchen and other vital areas.
When you receive the inspection report, go through it with the seller and your real estate agent. Always negotiate repairs after the home inspection because it's only then that you'll know the extent of repairs the house needs. When brokering a deal, three things can happen.
It's upon you to decide whether buying the home is worth the decision the seller makes. Sometimes the home might be a good deal, and walking away from it because you couldn't agree on a few hundred dollars worth of repairs might be regrettable. On the other hand, when the repairs cost a considerable amount, let the seller commit.
When you receive the inspection report, go through it with the seller and your real estate agent. Always negotiate repairs after the home inspection because it's only then that you'll know the extent of repairs the house needs. When brokering a deal, three things can happen.
- The seller can agree to take care of all the expenses.
- The seller might let you take care of the expenses but reduces the house sale price.
- He might tell you that he is selling the house as it is. It means that he's not taking care of any repairs or offering a cash discount to cater for the work.
It's upon you to decide whether buying the home is worth the decision the seller makes. Sometimes the home might be a good deal, and walking away from it because you couldn't agree on a few hundred dollars worth of repairs might be regrettable. On the other hand, when the repairs cost a considerable amount, let the seller commit.
Furniture & The Home's Decor
Probably you don't know this, but you can negotiate with the seller to let you keep the home's furniture, decor and anything else you love in the house. You can even keep the appliances such as washing machines, which makes it easier for you to start a new life.
Being a new homeowner can be stressful, especially when you don't have enough money to buy the house and the household items you need. In such an agreement, you might end up saving more and not go through the stress of shopping for ideal furniture and décor to match the home's style.
On the other hand, you can negotiate not to have any furniture or appliances included in the sale.
Being a new homeowner can be stressful, especially when you don't have enough money to buy the house and the household items you need. In such an agreement, you might end up saving more and not go through the stress of shopping for ideal furniture and décor to match the home's style.
On the other hand, you can negotiate not to have any furniture or appliances included in the sale.
The Closing Costs
It comes as a shock to new home buyers when they realize they need to spend extra to complete a transaction. Closing costs can be between 2% and 5% of the total home purchase price, but it depends on the property's location and value.
The closing costs can be paid by either the buyer or the seller, and you can negotiate to have the seller take care of the whole amount or part of it. When the seller insists you take care of the amount, request a reduction in the home purchase price.
The closing costs can be paid by either the buyer or the seller, and you can negotiate to have the seller take care of the whole amount or part of it. When the seller insists you take care of the amount, request a reduction in the home purchase price.
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