Home Buyer Incentives, it Doesn’t Hurt to Ask
Many people who have sold homes will be the first to tell you that it is not uncommon to have to wait a couple of months or longer to sell their homes. This is especially true when many people are selling in the same area or when buyers aren’t motivated by good rates. When this is the case, homeowners may want to think outside of the box so as to stand out amongst the rest! One way to do this is to offer sales incentives! Let’s consider what some common closing requests are.
House Price & Closing Costs
It’s quite acceptable to negotiate 5 percent off the price of the house and then request another 3 percent for the closing costs associated with the purchase of the home.
Everyone asks for a house inspection these days. It’s the most sensible way to avoid costly surprise that may result from rotten beams, water damage, faulty wiring or cracked foundations to name a few. Once the inspection is completed, the buyer can take his list of deficiencies, associate costs with them, and either request that they be fixed or deducted from the purchase price. It is also common practice to request the seller to arrange and pay for the inspection.
This used to be a common inspection in the 1980’s and 1990’s. There are approximately 20,000 deaths in the U.S. each year as a result of this cancer causing, odorless gas. A test to determine radon levels in a house costs less than $50, and if the levels are high, repairing the problems cost about $1,000.
When purchasing a home with a well, the seller should be responsible for a thorough inspection of the system including:
*Functionality of the pump and overall well system.
*The well quantity, or the amount of water drawn per minute, to ensure an adequate flow and water pressure.
*The water quality has to be tested to ensure that it doesn’t pose a health risk.
In rural areas with no connection to sewer lines, the seller also has to provide proof of a certified inspection of the septic system.
Including a home warranty can go a long way to providing peace of mind in a home negotiation. At an average cost of $250 – $400, it is a reasonable request to make of a seller.
Sometimes a carpet or paint job may be in dire need of upgrading and a buyer can either request replacement of these items or deduct the cost from the offer.
Generally, any fixed items stay with the house, but often times it is to a buyer’s advantage to request certain things to be included, such as:
*Lawn tractors or snow blowers
New Home Buyer Incentives
When purchasing a new home from a builder, the incentives are almost endless, and range from new appliances, landscaping, big screen TV’s and even swimming pools.
If you feel like the sale of your house has stalled, maybe considering adding a little bonus in there for your buyers!