There are many steps in the home purchase process, and negotiating is a crucial one. When you sit down at the bargaining table, it’s your opportunity to have a real estate agent advocate for your interests. For many buyers, that means more than securing the best price possible. It also means paving the way to a convenient, low-stress purchase.
Here are five things you can negotiate for when you’re buying a home—besides a lower price…
1) Closing costs
If there’s one thing all buyers hate about purchasing a home, it’s paying closing costs. From legal fees and title insurance to any immediately-due property taxes, these extra expenses can catch you off guard. The good news is, you may not have to cover them all on your own. Many buyers successfully negotiate with sellers to have all or a portion of their closing costs paid. That’s money you can put towards future repairs, redecorating, and generally getting your new place to feel like home.
2) A home warranty
A warranty can help protect you if any major systems or appliances in your new home break down. The premium is relatively low (somewhere in the vicinity of $300 to $500), and sellers are often willing to pay it. The coverage you get for that amount can be extensive, so it’s well worth looking into. If the sellers are comfortable covering this cost, it’s one less thing to worry about during what’s sure to be a hectic time!
3) Post-inspection repairs
When it comes to buying a home, few steps provide the peace of mind that a thorough inspection does. Having a professional look at your potential living space will help you make a more informed purchase—and give you options. If you learn that the home you want to buy has significant issues, you may want to negotiate with the sellers to see if they’ll cover the repairs. They can pay you directly to get the work done, provide credits towards your closing costs, or discount your purchase price.
4) Timeline flexibility
Sometimes, moving into a new home a little earlier—or later—can make life that much easier. For many buyers, this convenience is just as important as a lower price. If you fall into this camp, you may want to keep your timeline in mind during negotiations. Many sellers are willing to change closing and possession dates to accommodate buyers. Whether you’re relocating for work or would like to shift your dates for some other reason, make sure your agent knows how valuable this concession is.
It’s not uncommon. A buyer falls in love with a seller’s stylish living room set—and how they have it laid out. More often than not, it never occurs to them that they can try to make these furnishings part of the deal. Almost everything is negotiable in real estate, and asking to hold onto items that make a property feel like home isn’t that uncommon. So if you think those light fixtures in the kitchen are really something special, don’t be afraid to speak up!
Negotiations can feel intimidating, which is why it’s so important to work with an agent who knows the process. The right professional can help ensure that you get what you want most from your purchase—whether that’s a great price, or something else entirely!
Ready to start your home hunt? If you’re thinking about making the move, get in touch to learn how we can help you through the process!