When you make an offer to purchase a home, negotiating the price of the property is not the only thing you can negotiate.

Before you take possession, you can lay down other terms and conditions for the seller to meet. That said, it is possible to ask for too much and/or to ask for the wrong things which can sometimes put the sale at risk.

Here is an in-depth look at what to negotiate when buying a home and some guidance on what not to.

Closing Costs

The seller has to pay a lot of fees at closing, typically calculated at 8-10% of the final sale price. A buyer also has to pay for a variety of costs, such as title insurance.

A buyer can request the seller pay all or a percentage of their fees or, alternatively, to make an offer more attractive in a bidding war or highly competitive market, a buyer may offer to cover some of the seller’s closing costs.

Contingencies

It’s very common for a buyer to want to protect themselves during the purchase process by negotiating certain contingencies.

This often includes contingencies on financing, the appraisal to know the home’s fair market value, and an inspection to note all damages. Be careful with these, however, as some sellers can be irritated by contingencies that are seen as unfair or too difficult.

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Occupancy Date

It’s common for a buyer to negotiate an occupancy date that is best for their situation.

Don’t delay the move-in date for too long, however, feel encouraged to ask for a long possession time, a short possession time, or an arrangement wherein the sellers would rent the property back from the buyers temporarily to secure the best move-in time for you.

Appliances & Property Assets

A buyer may negotiate to receive appliances, window coverings, patio sets, and other property assets as a part of the sale.

If there are furnishings you like, ask if they can be included in the sale. If they are sentimental items or antiques, however, do not be afraid if the suggestion is shot down. It doesn’t hurt to ask though.

Clean-Up Of Old Junk

If there’s scrap metal on the property, a dirty basement, or messes that you don’t want to deal with, negotiate to have those taken care of and cleared out before you take possession.

While you don’t want to ask for the house to be cleaned top to bottom, getting the junk gone makes sense.

Minor Repairs

Be careful asking for minor repairs as a negotiation tactic in the sales contract when you can potentially do these yourself after the fact.

Touching up ceiling paint, replacing the doorbell, a crack in the foundation, a leaking appliance, and similar issues may be able to be negotiated in your real estate sales agreement. There is a limit, however. Don’t expect your seller to bend over backward trying to gut the bathroom or do a full-scale kitchen renovation.

Adrian + Andrea have been in the driver’s seat of several real estate negotiations, overseeing the buying and selling of all types of homes across Etobicoke and Toronto.

Are you looking to buy a home in Etobicoke this year? Get in touch with Adrian + Andrea for help finding a home that meets your priorities and preferences. Call us at (416) 319-6893 or email info@adrianandrea.com today!