When it comes to buying a house, you need every advantage you can get. That’s why honing your negotiating skills is so important. The ability to haggle is crucial to getting the right price, but the right price is just one of many things that are negotiable when you’re buying a house. Here’s what else you can work into the deal.
- Closing Date
You may want flexibility on the closing date for any number of reasons. You could be in a hurry to move in because you’re starting a new job on a specific date, or maybe you want to push the date back so your kids can finish the current school year. Closing date is always open to negotiation, but do keep in mind that the seller may have their own timetable, so try to arrive at a date that serves all parties. - Closing Costs
These can cover any number of one-time fees that must be paid on closing day. Closing costs often include inspection and appraisal fees, loan origination fees, recording fees, and lender title insurance. They are typically paid by the buyer, but that rule is not set in stone. As home prices continue to rise, it’s common for buyers to negotiate a deal in which sellers pay the closing costs. - Contingencies
A contingency essentially stipulates an action or condition that must be met before a real estate contract becomes binding. Some of the most common contingencies include inspections, appraisals, and repairs, but the buyer or seller can negotiate any number of contingencies. For example, you could stipulate that purchasing your new home is contingent upon financing coming through, or upon selling your old home. - Inspections
No one should ever buy a home without having it professionally inspected. With that in mind, the specifics of that inspection (i.e. the inspection timetable, the depth of the inspection and how you proceed after the results come in) are often open to being a negotiation. If the seller tries to negotiate a sale in which they refuse an inspection, you should see that as a major red flag. - Repairs
If a home inspection reveals problems or defects, it’s up to the buyer and seller to decide whether repairs will be made before the sale is finalized. You can reach an agreement that repairs must be completed at the cost of the seller, or negotiate a lower sale price that takes the cost of repairs into account. - Appliances
It’s quite common for large appliances to be included in the sale of a house, but be sure to ask. As a buyer, it’s important to know exactly what you’re buying. If you want the seller to leave the refrigerator, washer and dryer, or other major appliances behind, you can include it in the negotiations. Conversely, if you want the seller to take these items with them, you can make that clear as well. - Taxes
Many states and cities have required transfer taxes and fees that must be paid when a property changes hands. Whether the buyer or seller pays these fees is not set in stone. In a buyer’s market, it’s not uncommon for buyers to insist that the sellers pay these taxes; but if you’re a buyer looking to make your offer more attractive, you could offer to pay them yourself. - Furniture
Including furniture in the sale of a home isn’t quite as common as including appliances, but it’s not unheard-of. If you absolutely love the decor, you can negotiate a price that includes any part of it that you and the seller agree on (although it may need to be drawn up in a separate contract from the property itself).
The fine art of negotiating is one of the best skills you can have when you’re buying a house, and it’s also important to work with a real estate agent who can bring his or her bargaining skills to the table. And remember, price is just one of many things that may be open to negotiation.
