What, Besides Price, You Can Negotiate When Buying a Home

If you are buying a home for the first time, it’s easy to lose track of the power you have over negotiations. Of course, you know that you can bargain on the price of the house. But buyers have the ability to negotiate several other aspects of the buying process. Of course, you have to have amenable sellers, but it’s good to know that you can ask for certain things as part of the contract when buying your new home. Here are a fours areas of negotiation that buyers routinely overlook:

1. How long required to close.

First of all, there’s the timeframe you’ll require to close. For most sellers, a quick closing is preferable. Oftentimes they have been through a lot getting the house ready to sell, and the lure of a quick closing can be the incentive that pushes your offer ahead of others on the table. Of course, you have to make sure that you factor in enough time to get your inspections and paperwork done. Your financing must also be worked out in time, so make sure your bank is on board.

2. If appliances are included in the price.

A point of misunderstanding for many new buyers is what appliances are included in the home purchase. In most areas it is common for the kitchen appliances to carry over with the house, but not the washer or dryer. Find out what is customary in your area, and if you have a specific request, you can make it to the seller. It goes both ways. If you don’t want certain appliances for whatever reason - they are outdated or unattractive - you can also negotiate to have them removed before closing.

3. Which repairs are needed before close.

?Repairs are another area where buyers have ample room to negotiate. This is true both before you make an offer and after the inspections have been performed. If there are known issues with the house, you can make it part of the contract that they must be addressed before closing. In the case of major repairs like roofing, foundation, or HVAC issues, you can save yourself thousands of dollars this way.

4. Who will cover the closing costs.

And then there are closing costs. Closing costs are one of those things that can smack an inexperienced buyer in the face, because they just came up with the down payment and were likely not anticipating an additional outlay of cash. It is not abnormal for sellers to cover part of the buyers’ closing costs. This is something else that can be negotiated in your contract.