The Real Estate Browser Volume 9, Issue 11 - Page 25

24 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 9 Number 11 www.LynchburgRealEstateBrowser.com 6 Ways to Lose at Negotiating a House Price Real estate negotiation tips so you can buy your dream home — and not overpay. on the costs of maintenance and replacing the aging appliances. Planning on repainting, remodeling, or land- scaping, too? Suddenly the price looks a whole lot higher. When developing your offer, calculate in the costs that will go above and beyond a mortgage payment. Then you can negotiate with an eye on the total cost of owning the house, not just the sticker price. On the flip side, the price may not be all that matters to the seller, either. She may have to start a job on the other side of the country in a month and value a quick clos- ing. Or she may be looking to rent from you for a bit after the sale until her next home is ready. Sometimes being accommodating is negotiation gold. Fail #2: Refusing to Back Down on Small Repairs You’ve looked at enough houses to fill an entire season of House Hunters and finally picked one to buy. Now you’re ready to make an offer. Your agent can help guide you through this nail-biting phase of negotiating a house price, but ultimately, you call the shots. Here’s how to negoti- ate like a boss. Fail #1: Thinking House Price is All That Matters That house with a price point $15k below your budget? It may seem like a deal — until you add Before you draw a line in the negotiation sand over, say, a deck with some rotten boards, ask yourself if it’s worth losing the house over a repair that would cost less than a thousand dollars. Say the house price is $250,000, which makes that deck repair less than half of one percent of the cost of the house. There’s a lot of emotional energy at this point in the process, so give yourself a break rather than dickering over it. A house negotiation is not about winning for the sake of winning. It’s about getting the house you want at a fair price on good terms.