Take 5: How to Negotiate a Home Purchase

The negotiation phase of the transaction can be a little intimidating and stressful, whether you are a novice or a seasoned pro. To be sure you are getting the best value for your money, though, is vital. What therefore should you haggle over when purchasing a home?

1. closing expenses. Although there are many variables that affect closing expenses, you may anticipate that they will range from 2 to 5 percent of the purchase price. Request a closing credit that can be used to pay for particular improvements and repairs to the house, or ask the seller to repay some or all of the closing costs upfront.

2. Furnishings. Admire the furnishings and decorations the vendor used in the house? Buyers frequently bargain to keep couches, chandeliers, outdoor furniture, appliances, and other items. Many house sellers concur, desiring to improve the appeal of the property.

3. Inspection and time of closing. Sellers who have been going through the process for far too long are frequently more receptive to buyer proposals that contain a speedy inspection and closure deadline. Just make sure you give yourself enough time to arrange to finance and conduct accurate, thorough inspections.

4. Home guarantee Home warranty premiums are frequently paid by sellers at the time of closing before being transferred to the new owner, who is then in charge of paying the deductible for any further claims.

5. Repairs. 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.