When you’re buying a home, getting to the closing stage is huge because it’s the last hurdle before you can say the property is yours. Unfortunately, many who go into this step forget that they can still bargain the price down lower or get more out of the property.
These are some of the most important things to consider when closing on a home to ensure you get the best deal you can.
What Updates Are Necessary
Which updates are necessary to the home? For example, if the roof is due to be replaced within the next five years, or the siding is showing its age, talk to the seller about completing these changes or taking their value off the price of the home. These will cost a lot of money to complete, and as the buyer, you shouldn’t have to pour these corrections into your house payment calculator.
Discuss with your realtor whether they think you can get these prices completely wiped from the cost of the home or if you can have the seller complete the projects before you move in.
Do You Want Anything Included?
When you were walking through the property, did you want any part of the furnishings included? If so, you should bring it up sooner rather than later. Of course, you won’t be able to convince sellers to give up everything that you want, and you may have to increase the amount you’re willing to spend to get to it: but if you want the furnishings, you should be able to find a way to make it work.
What Type of Market Are You In?
The market you’re in will affect the price of the homes you’re seeing. If you’re in a buyers’ market, you can take this a step further by using it as a bargaining chip to try and save money. Your realtor or real estate agent should be able to talk the price down to some degree so that it’s something you’ll be more interested in paying.
Unfortunately, if you’re in a sellers’ market, it can be harder to convince them to drop the price unless it’s overpriced or necessary changes. Get to know the housing market and talk to your real estate professional to try and find the best angle for you.
Is There Any Financial Help You Can Use?
Beyond what your realtor can talk the price down to, are there other ways to help you save money? Most first-time homeowners can receive grants and additional funds that will make buying a home easier. The size of these funds usually depends on the population of the area you live in, your financial history, and sometimes even your occupation. Some places like Houston offer down payment assistance to any teachers buying their first home
Closing on a home is a huge step towards your future, so be sure that you understand every step along the way. This is a contract that will hold you until you decide to sell or pass the home on to a relative, so it’s okay to take your time thinking it through.