Top tips for first time home buyers: What you can and can’t negotiate during the home buying experience
This comprehensive list will guide you on what you can and can’t negotiate when making an offer on your dream home.
Purchase Price
The purchase price is typically the most negotiable aspect of a real estate transaction. Your initial offer doesn’t have to match the asking price. Often, there’s room to negotiate based on market conditions, comparable sales, and the condition of the property. But when sellers have multiple offers, negotiating on the price can be a bit trickier.
Repairs and Home Improvements
If your inspection finds some issues and much needed repairs, negotiate with the seller to either make the repairs before closing or to provide a credit for you to fix them afterwards. Usually minor fixes like touching up paint or addressing safety concerns are reasonable requests. But asking for anything extensive like a full kitchen renovation is less likely to be accepted.
Decor and Furniture
As tempting as it is to want to include every piece of furniture, decoration and appliance into your offer, it’s best to do the deal first and then talk about the furniture separately. Although it’s acceptable to include furniture in your negotiation, you don’t want it to break the deal and prevent you from moving forward. Don’t be afraid to ask the seller if there is anything that they want to exclude from the negotiation.
Closing dates
Remember to conduct thorough research and enlist the help of a qualified real estate agent who will help figure out what you want and where you want to be. With their help, you’ll secure your first home with confidence.
August 6, 2024
