When it’s time to make a deal on a dream home, you’re likely going to be so over-the-moon about the potential new purchase that you don’t even realize what expenses along the way can actually be negotiated at closing.
Instead of assuming you’ll draw the short straw on to-do’s such as when the closing date will be, if you’ll get the washer and dryer that you already love for the laundry room, and who gets to cover closing expenses, you can actually negotiate things like this in the deal to work in your job.
You don’t have to just take what you’re told on a home buying offer, but rather, use this opportunity to make sure you’re getting a fair deal. Here are a few items you didn’t know you could ask for in your home buying offer.
Closing costs to be covered
The first thing to ask your realtor when you’re striking up a deal on a home offer is to ask the seller to cover your closing costs. At the very least, you could ask for a percentage of the closing costs to be paid. If you are a first-time buyer, this is definitely something you could negotiate.
If you happen to be working in a buyer’s market, this is an easy negotiation strategy to get this last minute expense off of your plate and give a seller a chance to sweeten the deal for you. You can take that expense and now use it towards something else like a renovation or an update in the home.
Flexibility on closing dates
Another area where you could ask for what you want in your home buying offer is the closing dates. While you may have never bought a home before and you may have thought you have to wait for so many months before you can make an offer, it’s definitely not the case. You could negotiate with the seller to pay to buy out your current lease and a motivated seller will often do so.
When it comes to taxes related to the transaction, you can actually negotiate some of these things. For example, it is required that transfer taxes and fees are paid when a property changes owners but these types of transaction-related taxes can be negotiated in the deal since they are normally part of the closing costs.
Furnishings and household items
Did you love how the laundry room looked just like it was when you saw it? Perhaps there were beautiful light fixtures throughout the home that really set the stage for the perfect living room or master suite. Things like these can be made as a part of the negotiations if you just ask.
Furniture is expected to leave the property with the seller but you may be able to negotiate some of the furniture with the seller as a part of the deal. It’s important to understand what’s included in the deal and then ask about items you wanted that isn’t included if that’s something you’re hoping to negotiate.
Lastly, repairs that are needed after being discovered in the property’s inspection are definitely up for negotiation. Whether it’s a crack in the foundation, mold in the attic, or windows that don’t shut properly; any type of repair that will be needed at some point can be negotiated as a part of a home offer.
You’ll have more bargaining power as the buyer so don’t be shy about asking the seller to make repairs before closing or to cover some of the costs. If it’s a seller’s market, you may have to forfeit some of your wishes to make sure you don’t lose out on the home though. No matter what line items you wish to ask for in your home buying offer, be sure the details are clearly spelled out in the contract so that everyone is clear on who is taking responsibility for what. You can get a great deal just by asking for the things you want!