You’re going to make an offer on a new house. It’s an exciting time, and you’re anxious to get it in writing before someone else makes a better offer.
Don’t go too quickly. It’s important to consider all necessary upgrades. You can often work them into the offer price.
For example, maybe the home needs roof repairs that are fairly extensive, and you think it’s going to cost between $5,000 and $10,000 to make those repairs. Rather than offering $200,000, you may want to make an offer of $190,000 and stipulate that you’ll take on the repairs yourself. This saves the sellers the trouble of making the repairs, and they net the same amount of money.
It can also pay to take a look at the heating, air conditioning and ventilation (HVAC) system, the kitchen appliance and other things that naturally wear out with time. Make sure you go through the house and check to see if all of the inherent systems work.
Flip on lights and use outlets; turn on water faucets and flush the toilets. If something has to be fixed, that doesn’t mean you shouldn’t buy the home, but you want to factor that cost into the purchase price.
This is why it’s so important to have an inspection carried out. You don’t just want the house to pass so that you get the mortgage loan. You want to read over the inspection and use it to find potential issues as part of your negotiation.
Real estate transactions are often complex and involve a lot of back and forth negotiation on both sides. Be sure you always know how the legal process works and what options you have.
Source: Bankrate, “8 ways that homebuyers annoy sellers,” Dana Dratch, accessed Sep. 07, 2017