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Jacksonville Property Management Blog

Key Things to Negotiate When Buying a Home
03-21-2023
Tonya Douglas
Key Things to Negotiate When Buying a Home
03-21-2023

Key Things to Negotiate When Buying a Home

People who are good negotiators can save a lot of money when purchasing a home. Sometimes a seller is willing to agree to share the costs you, as a buyer, would otherwise pay on your own. But the problem is usually that the buyers are not aware of the potential of negotiation and don’t know what to ask for. Here are the key things to negotiate when buying a home that could make your purchase even more successful.

The price a home is listed at may not be final

The first thing to negotiate that most are aware of is the price. Almost every buyer lists their home at a price slightly above what they are willing to accept. But unless you ask about the price reduction, no one will offer it to you. Write down all the negative features you’ve noticed to be more convincing. No property is ever perfect, not even newly built ones. Point out how much that would take you to correct and how much time it would cost you.

The properties that have been on the market for a bit longer offer the greatest chance of a price reduction. Another point that could work in your favor would be offering to pay for the home as-is, with the seller having no obligation to do any additional work. There’s always a chance of a seller being dead set on its original price, but you should try to negotiate it anyway.

The closing costs are one of the things to negotiate when buying a home

The closing costs can catch you off guard, especially if you are a first-time buyer. It can be hard to realize halfway through the sale that you should have put aside a certain amount of money for that. However, with good negotiating skills and some luck, the buyer can convince the seller to pick up part of these costs or even all of them. The seller may be anxious to move on from this property, creating good conditions for you as a buyer to ask for this concession. Even if you have prepared the funds for these final costs, it would be great if you could redirect them elsewhere. 

Home warranty premium is another useful item to negotiate

A home warranty is an excellent investment but not something everyone knows about. This specific insurance covers the costs of replacing and maintaining appliances and systems around your home. Various home warranty plans cover more or less of the items mentioned above, upon which the premium for them depends. This item can be one of the things to negotiate when buying a home.

You can get the seller to pay for the first year of the home warranty, which will ensure that you don’t have to pay for any potential breakdowns. Professionals at Master Moving Guide say you can use the extra money you save to hire movers who would help you immensely. Home warranty premium may not be too much for the seller, but it is a very useful security measure for you.

Necessary repairs

After the inspection, it will become clear what needs repairing. The costs of these repairs can be very high and unavoidable. Some of the repairs are small and can be done in a budget-friendly way, such as those that have to do with the home’s curb appeal. But there are those, such as a bad roof or some other structural problem, that are quite costly. With such serious repairs needed, you can ask for a property price reduction. Otherwise, you can ask the seller to perform those repairs in exchange for paying the asking price of the property. There’s a good chance one of those two options will be accepted.

The move-in date can be flexible and more to your needs

Negotiating the move-in date is quite normal. Many sellers need some more time to vacate, and that provides the opportunity to reduce the price. You, as a buyer, grant the seller a few more months to finalize all their affairs before they move out. Even looking for a moving company to do a long-distance relocation can take time, and many find those experts necessary for long-distance moving tips and to arrange a smooth process. In exchange, the seller may reduce the home’s price a bit.

Also, you may be the one that needs time. For example, you may be locked in a lease agreement that takes several more months. That may deter you from making an offer until your lease is out. But some sellers may even be willing to buy your way out of the lease, only if you ask them to. You would be surprised how many of them are in a hurry to sell and would do a lot to speed things up.

If you like the furniture, you can talk to the seller about it being included

The furniture may or may not be part of the deal. In reality, everyone knows that selling second-hand furniture can be tricky. It usually takes time, and rarely can you find someone to offer a price that will cover the actual value of it. All that provides an opportunity to ask for the furniture to be part of the deal. If you are buying a home you want to put out for lease, having it furnished in advance is a big bonus. As many tenants are looking for already-furnished homes, yours would give you a good start on the rental market.

Final thoughts

When it comes to the key things to negotiate when buying a home, the most important piece of advice is to give it a shot. You will never get anything unless you ask for it. Being informed is very important here as well. You may have a good chance of saving thousands only if you know what to ask for. Therefore, analyze the aforementioned negotiating items and proceed with your house hunting.

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