Did you know that when purchasing a home, the list price is not the only thing that is negotiable? In fact, there are at least seven other things that are negotiable. Given today's hot market in most parts of the country, buyers may not have much leverage when it comes to negotiating the home's list price. However, that does not mean they can't try and negotiate other things. Check out these seven items that you may be able to negotiate on with sellers when buying a home:
REPAIRS: Forgoing or waiving a home repair is super risky. You never know what an inspector might find, and even in a competitive market, the inspection findings may give you leverage when negotiating with the seller on fixing needed repairs.
CLOSING DATE: This can be a great way to make your offer stand out if there are multiple offers, for example. Offering the seller flexibility on closing time, if you're able, can be very attractive to sellers depending on their situation.
CLOSING COSTS: Closing costs typically account for 2%-7% of the home's purchase price which can add up to a lot of money. Asking the seller to pitch in for some of these costs is something you can potentially negotiate.
FURNITURE/DECOR: Often times this is done separately from the home sale transaction. However, if there is furniture, appliances, decor, etc that you like, you can always ask the seller if they are willing to sell any of it to you. It could save you lots of time and money, and if the seller's items are already to your liking, it might be a great scenario. Plus, it could be a win/win with the seller as well if they were already planning to get rid or sell the items anyway.
HOUSE CLEANING: You can always ask that the sellers pay for a deep cleaning of the home after they have moved their things out and before you move your things in. Nice to have a fresh, clean start to your new home!
HOME WARRANTY: Some states require this, and other times agents like to offer this to clients as a closing gift. Regardless, asking the seller to pay for a home warranty can provide nice peace of mind to buyers knowing that if unexpected repairs come up in the first year of owing the new home, they will likely have coverage for the repairs through the home warranty. Because let's face it, extra repairs can get expensive!
YOUR OWN FEES/EXPENSES: Buying a home is typically the largest purchase a person will make in their lifetime. So, why not try and save as much money as you can by shopping around for the best interest rate on your mortgage, for example? You can ask your lender and title representative if there are other fees/expenses that can be reduced or negotiated. Never hurts to ask!