What to negotiate When BUYING A HOUSE?

When buying a house, there are several aspects you can negotiate to potentially get a better deal or address specific concerns.

 Here are some key areas to consider negotiating:

  1. Price: The most obvious negotiation point is the purchase price. You can make an offer below the asking price and engage in a back-and-forth negotiation with the seller until you reach a mutually agreeable price.
  2. Repairs and renovations: If the house requires repairs or renovations, you can negotiate who will be responsible for them. You may request that the seller complete certain repairs before closing or provide a credit or reduction in price to compensate for the needed work.
  3. Closing costs: Negotiating the payment of closing costs can save you a significant amount of money. You can ask the seller to cover all or a portion of the closing costs, such as title insurance, attorney fees, or appraisal fees.
  4. Financing contingencies: If you’re obtaining a mortgage, you can negotiate specific contingencies related to financing. For example, you could negotiate a longer period for loan approval or a lower interest rate.
  5. Home inspection: After conducting a home inspection, you may discover issues that need attention. You can negotiate with the seller to address these issues by requesting repairs, a credit towards repairs, or a reduction in the purchase price.
  6. Inclusions and exclusions: Negotiate what will be included with the sale of the house. This can range from appliances, fixtures, or furniture to more specific items like window treatments, light fixtures, or outdoor equipment.
  7. Closing date and possession: Negotiating the closing date allows you to align it with your schedule and needs. You can also discuss the possession date, which determines when you can move into the property.
  8. Contingencies: You can negotiate various contingencies to protect yourself, such as a home sale contingency, allowing you to proceed with the purchase only if you sell your current home.
  9. Home warranty: Negotiate with the seller to include a home warranty that covers repairs or replacements of certain home systems or appliances for a specific period after the purchase.

Remember, negotiation is a process of give and take. Prioritize your needs, be open to compromises, and work with your real estate agent to navigate the negotiation process effectively.