Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of a real estate transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the best possible deal for your money. So, what should you negotiate when buying a house?
What to Negotiate When Buying a House
Your closing costs are determined by a variety of factors. According to New Jersey Lenders Corp., you can expect them to be between 2% and 3% of the purchase price. Ask the seller to cover some or all of the closing costs upfront or request a closing credit that can be used to make specific updates and fixes to the home.
Inspection and Closing Timing
Buyer offers that include a quick inspection and close timeline are often more attractive to sellers who have been going through the process for far too long. Just ensure you allow yourself ample time to get your financing in place and complete proper, thorough inspections.
Sellers will often agree to pay the premium on the home warranty at closing and then hand it off to the new homeowner. In turn, the new homeowner is then responsible for the deductible on any future claims.
Your inspection may uncover small or large repairs needed to bring the home up to standard. You can negotiate to have these items fixed before closing or ask for a price reduction to cover the costs.
Love how the seller has furnished and decorated the home? Buyers often negotiate keeping couches, fixtures, landscaping items, patio furniture, appliances, and more. And many sellers agree, wanting to make the home more appealing.
Much of the Westfield area of New Jersey continues to experience a seller’s market. Keep this in mind before you ask for contingencies. Even so, contingencies are part of negotiations when buying a house. You need an experienced REALTOR® on your side who knows the local luxury NJ homes market. Contact me when you are ready to start looking for your next home.
Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes