Everything matters when you’re looking into buying your first house or your next investment property. That’s why mastering the art of negotiation is so critical. Many things may be bargained for when purchasing a home, and the correct price is only one of them. Still wondering how to negotiate buying a house the right way in Australia? Below are factors that you should consider when negotiating the purchase of your first house.
1. Closing Costs
Closing costs cover a variety of one-time charges that are due on the day of closing. Recording fees, Inspection and appraisal fees, lender title insurance and loan origination fees are all common closing costs. Normally, the buyer is responsible for covering these costs. However, this is not always the case. With the rise in home prices, it’s not uncommon for buyers to try to negotiate a transaction where the seller pays for the closing fees.
2. Closing Date
You may require closing date flexibility for a variety of reasons. Some people move immediately because they start new jobs on a certain date, or they want to push the move back so their kids can finish their school year. However, remember that your seller may have their schedule, so try to find a date that works for both sides.
Before the binding nature of a real estate contract, a condition or action specified in a contingency clause must be met. Some of the most common contingencies are inspections and repairs, but you can come up with any other contingencies you like. The purchase of your new home could, for example, be contingent on obtaining finance or the sale of your current property.
If a house inspection reveals issues or defects, the buyer and seller have the option of making repairs before the sale is closed. It’s possible to negotiate a reduced sale price to account for the cost of repairs. You can also stipulate that the seller takes care of all the expenses.
Anyone considering purchasing a home should always have a professional inspection performed beforehand. As a result, the inspection’s specifications (such as the inspection’s timeline, scope, and next steps) are typically negotiable, even before the results are received. It is a red flag if the seller refuses to allow you to inspect the property before the transaction.
Transfer taxes and fees are payable in many states and towns after selling any property type. It’s up to the buyer or seller to pay these fees. Most buyers insist that sellers pay these taxes, but if you are a buyer looking for a competitive advantage, consider negotiating an offer to cover the costs yourself.
Although it isn’t as usual to include appliances in selling a home, retaining furniture when buying a home is not something new. If you’re in love with the decor, you and the seller can negotiate on a price that includes everything.
If you’re looking to buy a home, it’s a good idea to inquire about the inclusion of large appliances. You must understand what you’re getting into as a buyer. It is possible to negotiate with the house seller to leave major appliances such as a refrigerator, washing machine, and dryer behind as part of the sale. On the other hand, If you want the seller to take these things with them, you can also negotiate about that.
And that’s how to negotiate buying a house the right way in Australia. For the best results when buying a home, you should engage with an agent who has experience in the art of negotiation and who will bring that talent to the table for you. And don’t forget that pricing is just one of the many variables you can negotiate.