If you are like most buyers and sellers in the market, you probably are under the impression that the deal you get on your new home is done at the signing of the contract. However, there are often several places throughout the home buying process where you can make deals and save money, if you know where to negotiate and when. Parry Custom Homes, a local homebuilder for Pittsburgh custom homes, shares what to look for during the process of buying your new home and opportunities you may have to save money throughout the process.
The most common issues that arise in the home buying process are during the inspection process, because these issues normally result in another round of negotiations for credit or fixes that will need to be done to the home. Below are some tips you can use if you run into this issue when buying a home.
The first step you will want to take is to ask for a credit for the work to be done to your new home. Most of the time sellers are interested in moving out of their current home and into their new one, and sometimes repairs and slow down the process or just be a burden with so many other things on the plate of both parties.
This is also a benefit because you will have control over who does the repairs and what is done. The sellers might not choose the company or be as diligent in the repairs as you will. So it will be a benefit to you to include that cash-back credit at the close of escrow so you can use that money to complete the repairs that need to be done on your own after you move in. Doing it this way also saves a lot of time as well, if you are in a time-sensitive situation.
Be sure to think about your new home in the big picture. If a bathroom needs to be renovated or there is a leaky faucet or there is some damage on the floors that you will want to fix down the road, also take those into the negotiating room as a credit to fix this issues and help you offset some closing costs.
The next thing you will want to keep in mind is to keep your plans to yourself when it comes to doing your home inspection with your agent and the inspector. If your listing agent knows your comfort level and your intentions, that could come back against you in further negotiations. So play it say and keep plans to yourself during the inspection process.
Lastly, keep your eyes wide open when it comes to your original contract. Never agree on a contract price if it will be negotiated down after inspection. If your property inspection comes back without flaws, you will have no leverage to negotiate the cost down especially in a competitive market. When the market is as competitive and busy as it is now, attempting to negotiate after the initial agreement when no issues have been found can have the sellers looking to move on to the next buyer.
So be sure to go into escrow with your eyes open during the entire process. Your new home won’t officially be yours until money changes hands and the deed is transferred. So, stay on your toes from the beginning and negotiate where and if you are able. Taking these tips into considering during the buying process will help you less likely walk away with buyer’s remorse.
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information.