An essential part of any home buying process is the home inspection. It would be best if you were sure that the house you are buying is in good enough condition that it is worth the price. The biggest obstacle is the repairs you’ll have to do. If you are buying an existing home, finding out that you have to fix a few things is normal. But these repairs can get expensive. For example, extensive HVAC repair can mean thousands of dollars, in addition to your purchase price. If you want to save money on that, you should negotiate for a deal for repairs with the seller. Here is how to make that happen.
Know What To Ignore And What To Notice
One big mistake that some negotiators make is they want the house to be as pristine as possible. This is impossible unless the house is brand new. This means you need to ignore some damage to the house. The important thing is to pick your battles. The repairs that you can safely do on your own or are inexpensive shouldn’t be on the list that you send the seller to fix. This includes cosmetic issues like peeling paint and cracked tiles. You can easily fix these without any trouble.
What you should focus on are the important issues. These are safety and health hazards. This includes things like faulty wiring and the presence of mold. Buying a home would these issues means that you’ll have to fix them anyway before moving in. Have a complete list of these major problems from your home inspector and prioritize the worst.
Be Aware Of Your Options
Don’t just assume that you can only ask for a repair of the issues. There are several options available to you. While the request for repairs is the simplest, the seller doesn’t have the motivation to implement the best repairs. They won’t be benefiting from it after all. Many smart home buyers decide on another approach. One choice is to ask for price compensation. The reasoning is that since you will be spending money to fix the damage, the seller should give a discount equal to the repair costs. Another choice is to barter and negotiate for additional concessions. For example, you might ask the seller to leave a few furnishings to compensate for the repair. Some buyers also request that a home warranty for a year is bought for the house so that it would pay for any repairs in that period.
Think Of The Current Market
When you’re negotiating, one important factor to consider is the state of the market. It will affect how your negotiations will go. For example, a seller’s market means that sellers have the advantage. This is when there are few sellers and many buyers. This can be bad for your negotiation since the seller can walk away if you demand too much. A buyer’s market is the opposite and gives you a bit more bargaining power. You can push the seller for a bit more.
Consider Your Long-term Plans
It would be best if you asked yourself a few questions when you are negotiating. The main one is what your plans are for the house. If you are planning to do a major renovation anyway, it is better to ask for compensation instead of repairs. You’ll be fixing or replacing the damaged area anyway. If you are hoping to do the renovation in a few years, then some simple repairs are worth it. If you can live with the damage until you can fix things later, then you can let it go.
Know When You Should Walk Away
There are times when the seller is playing hardball. Other times, the inspection revealed that the damage to the house is too extensive. Buying such a house would merely add to your expenses. This is when you need to walk away. Dissolved the contract and don’t c Remember that this is not the only house on the market. You can potentially find one that has fewer issues and costs less. Don’t feel bad about giving up though. The important thing is that you are comfortable and happy about the purchase. Any regrets will make the purchase a problem.
House sellers are not unreasonable. They want to sell their house for good value. With a good negotiation, both of you will be able to walk away from the deal happy. Sit down with them and come up with a deal that is good for both parties.
