TAKE 5: WHAT TO NEGOTIATE WHEN BUYING A HOUSE

1/6/2021

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 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.
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.

12 Comments

Chance Cook link

11/3/2021 05:42:51 pm

I didn't know that sellers will agree to pay the premium on a warranty at closing. That would help me save some money. Maybe I can get a realtor to help make that deal happen.

rachel frampton link

11/30/2021 11:23:32 pm

My sister would like to buy a house this year, and that is why she has decided to start looking for a real estate agent that may help her out. Thank you for sharing here as well the importance of proper inspection. I also agree with you that she should ask about the warranty too.

Hailey Miller link

12/15/2021 10:49:32 pm

Thanks for pointing out that inspection may uncover small or large repairs needed to bring the home up to standard. This is helpful because my husband and I are planning to have our own space for our five kids. With this, we are hoping to find experts on Monday who can show us a two-story house with a jacuzzi and a big yard.

Mia Evans link

1/26/2022 09:45:22 pm

Thanks for helping me understand that buyers can actually negotiate to keep couches, fixtures, landscaping items, patio furniture, and more. I will keep that in mind when I start looking for homes for sale this year. It might be easier for me to do that, especially when the furniture or fixture would really look good in the theme that I envision in my own place.

Eli Richardson link

3/1/2022 09:31:06 am

I'm glad you explained a house's negotiation opportunities and how to bring them up! Recently, my brother said he wants to start looking for his dream house. After reading your negotiation tips, I believe my brother could benefit from reading them and hiring a realtor for his transaction, so I'll suggest it! Thanks for the advice on negotiating a property's closing costs!

John Carston link

4/19/2022 07:51:36 pm

I like that you said that 2% to 5% are the closing costs to be determined by different types of factors. Yesterday, my brother told me that he was planning to buy a new home with sufficient space for his desired garden, and he asked if I had any idea what would be the best option to do. Thanks to this helpful article, I'll tell him that it will be much better if we consult a real estate service as they can help him search for the property he wants.

Olivia Smart link

5/6/2022 09:29:41 am

Thank you for explaining that you can negotiate the closing costs. I've been wondering what kinds of things we can negotiate before we make our offer on a house. I'll be sure to remember this when we talk to our real estate agent and see if they can help us with this step of the negotiation.

Mortgage Broker in Northern Beaches link

5/11/2022 07:31:48 am

Thank you for sharing your blog. Keep on posting.

Mortgage Broker Australia link

5/25/2022 01:26:26 am

Thanks for sharing this post. I love reading it.

5/25/2022 02:02:43 am

Thanks for sharing this article. I love it.

Phyllis Williams link

3/10/2023 10:50:19 am

It is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a home? Thank you for making this such an awesome post!

Joseph Wagner link

3/11/2023 01:39:51 pm

While not inconsequential, interest rates are just one of the many factors to consider when buying a house. Interest rates are by no means the only factor that should determine when you are ready to buy a home.

Blog