Negotiating Like a Pro: What to Ask for When Buying a House

If you’re in the market for a new home, congratulations! Buying a house is a major milestone in life, and an exciting one at that. However, it can also be a daunting task, especially when it comes to negotiating with the seller. But fear not – negotiating is a crucial part of the home buying process and armed with a few tips and tricks, you can secure the best deal possible. In this article, I’ll guide you through some things to consider negotiating when buying a house… and how to do it effectively.

Here are some negotiation points to consider:

1. Closing Costs: One option to consider is negotiating with the seller to cover some of the closing costs. Closing costs can be a significant expense when buying a house and they can add up quickly. These costs include a variety of fees such as lender fees, title insurance and more. While the specific closing costs vary based on a variety of factors, including the location of the property and the type of loan you’re using, it’s important not to let them scare you away from purchasing your dream home. Negotiating closing costs can you help you lower your out-of-pocket expenses up front, freeing up funds for other important expenses such as moving costs or furniture purchases. It’s important to note that not all sellers may be willing to negotiate on closing costs and there may be limits to how much you can ask for. Every negotiation is unique and what works in one situation may not work in another.
2. Furnishings: Negotiating to keep some of the furnishings and fixtures when buying a house can be a smart move, especially if you love how the home is already furnished and decorated. Items such as couches, patio furniture, appliances, and more can all add up to a significant expense if you have to purchase them all new. Many sellers are often willing to part with these items as it can make the home sale more appealing and save them the hassle of having to move them out. If you’re interested in keeping some of the furnishings and fixtures, don’t be afraid to ask the seller if they’re willing to include them in the sale. Do note that not all sellers may be willing to negotiate on furnishings, and you may need to be prepared to pay an additional fee for any items you want to keep. In addition, you should carefully inspect any items you plan to keep to make sure they’re in good condition and in working order. While you can potentially save money and make the home truly yours with some of the pieces you have come to love, it’s important to approach this negotiation with a clear understanding of your priorities and your budget.
3. Inspections & Closing Timelines: Inspections are a vital step in the home buying process as they ensure that a home is in a condition that meets your standards. To make your offer more attractive to the seller, you may want to consider including a shorter inspection and closing timeline. This may show the seller that you are really serious about buying the home and want to be timely in the process. However, it is important not to rush this step. You and your agent will need to make sure that you have ample time to get an inspection appointment scheduled, enough time to get the report back and enough time to meet with the inspector to understand the report.
4. Repairs: During the home inspection, the inspector may uncover small or large repairs that need some attention. This may include anything from minor cosmetic issues to more significant structural issues. You can negotiate with the seller to have these items fixed before closings or ask for a sale price reduction. Keep in mind that not all repairs need to be negotiated and it’s important to prioritize the most critical ones. Your real estate agent can help you navigate this process and ensure you are getting a fair deal.
5. Home Warranty: A home warranty is a service contract that helps cover the cost of repairs or replacement of some systems and appliances in the home due to normal wear and tear. You can negotiate with the seller to pay the annual premium for the home warranty at closing and then hand it off to you, the buyer. You would then be responsible for the deductible on future claims. Negotiating with the seller to pay for the home warranty can give you peace of mind and may save you from unexpected expenses down the line. However, it is important to carefully review the terms and coverages of the warranty.

Negotiating various aspects of a home purchase can be a fundamental step in getting the best deal and making sure you are happy and satisfied with your investment. From closing costs to home warranties, there are many items that can be negotiated with the seller. Keep in mind that negotiating effectively requires a good understanding of the market, the condition of the home and the seller’s motivations. Working with a knowledgeable and experienced real estate agent can help you navigate the negotiation process and ensure that you’re making the most informed decisions.

So, don’t be afraid to speak up and negotiate when buying a house, as it can potentially save you a few dollars and make your dream of home ownership a reality.