6 Things to Negotiate When Buying a House
Even though there are some scattered signs that the housing market is picking up, in most areas, it is still very much a buyer’s market. That means that you have some pull when it comes to buying a house. So, if you have low credit card debt, a good credit score, a decent down payment, and a stable job, now is a good time to go house hunting. You’ll get a better interest rate, and you will be able to negotiate with the seller to help you save a little more money.
Here are 6 things you can negotiate when buying a house:
Repairs
Every home has to have an inspection. In most cases, major problems that makes the home less habitable have to be repaired by the seller, including heating, air conditioning, wiring, plumbing and structural issues. The exception is when the seller is offering the house “as is.” Even so, you can still negotiate for repairs. Once the home inspection points out the necessary changes that need to be made, negotiate repairs, or negotiate an allowance for repairs.
Paint and flooring allowances
If the flooring looks bad, and the paint is chipped and peeling, you can negotiate allowances for these items. Many sellers will knock off a few thousand dollars (usually between $3,000 and $10,000, depending on the degree of damage) to allow for the fact that you will need to re-paint or re-floor. You might also be able to negotiate that the seller arranges for and pays for paint and flooring before you move in, rather than just providing an allowance.
Finished basement or remodeling
When my husband and I bought our house while it was under construction, it was originally supposed to come with an unfinished basement. We negotiated to have the basement finished with the same materials as used for the upstairs. (We also negotiated to have the air conditioning installed.) Now, we have a finished downstairs, professionally built, rather than having done it ourselves. You can negotiate allowances for finishing the basement or remodeling a portion of the home that just isn’t very attractive. In some cases, you ...
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