Home Buyer Incentives - it Doesn't Hurt to Ask

<h1>Home Buyer Incentives - it Doesn't Hurt to Ask</h1>Author: <a title="Lane Hornung" href="http://www.articlesbase.com/authors/lane-hornung/18974.htm">Lane Hornung</a> In a seller's market, a prospective home buyer needs to be a little more cautious when negotiating a purchase; however, in today's buyer's market, incentives are an accepted part of the deal. It certainly never hurts to ask. It's not uncommon for a seller to wait for three months or longer to sell their home, especially during this time when the market is saturated with homes for sale. They need to make their home stand out amongst the rest, and often times, offering sales incentives is the easiest way to accomplish this.

Here are a few of the more common closing requests that never would have been considered a few years ago in our previous seller's market.

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.

Inspections

Home Inspection: 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.

Radon 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.

Well Inspection: When purchasing a home with a well, the seller should be responsible for a thorough inspection of the system including:

<ul>

<li>Functionality of the pump and overall well system.</li>

<li>The well quantity, or the amount of water drawn per minute, to ensure an adequate flow and water pressure.</li>

<li>The water quality has to be tested to ensure that it doesn't pose a health risk. </li>

</ul>

Septic Inspection: In rural areas with no connection to sewer lines, the seller also has to provide proof of a certified inspection of the septic system.

Home Warranty

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.

Decorative Improvements

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.

Non-Fixed Items

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:

<ul>

<li>Drapery</li>

<li>Appliances</li>

<li>Lighting fixtures</li>

<li>Decorative items</li>

<li>Lawn tractors or snow blowers </li>

<li>Vehicles</li>

</ul>

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.

This buyer's market won't be here forever. Right now you've got an edge; be sure to take advantage of it. About the Author: Go to <a href="http://www.coloradoshomes.com" target="_blank">www.coloradoshomes.com</a> for your complete guide to <a href="http://www.coloradoshomes.com/" target="_blank">Colorado real estate</a>. Acquaint yourself with the many communities including the listings for <a href="http://www.coloradoshomes.com/boulder.php" target="_blank">Boulder CO real estate</a>.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/home-buyer-incentives-it-doesnt-hurt-to-ask-263709.html" title="Home Buyer Incentives - it Doesn't Hurt to Ask">Home Buyer Incentives - it Doesn't Hurt to Ask</a>

In a seller's market, a prospective home buyer needs to be a little more cautious when negotiating a purchase; however, in today's buyer's market, incentives are an accepted part of the deal. It certainly never hurts to ask. It's not uncommon for a seller to wait for three months or longer to sell their home, especially during this time when the market is saturated with homes for sale. They need to make their home stand out amongst the rest, and often times, offering sales incentives is the easiest way to accomplish this.

Here are a few of the more common closing requests that never would have been considered a few years ago in our previous seller's market.

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.

Inspections

Home Inspection: 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.

Radon 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.

Well Inspection: 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.

Septic Inspection: In rural areas with no connection to sewer lines, the seller also has to provide proof of a certified inspection of the septic system.

Home Warranty

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.

Decorative Improvements

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.

Non-Fixed Items

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:

Drapery

Appliances

Lighting fixtures

Decorative items

Lawn tractors or snow blowers

Vehicles

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.

This buyer's market won't be here forever. Right now you've got an edge; be sure to take advantage of it.

Go to www.coloradoshomes.com for your complete guide to Colorado real estate. Acquaint yourself with the many communities including the listings for Boulder CO real estate.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/real-estate-articles/home-buyer-incentives-it-doesnt-hurt-to-ask-263709.html

Article Tags: Real Estate, Buying A Home, Buying Real Estate, Home Buyer Incentives, First Time Homer Buyer

Related Articles
Related Q&A

Latest Real Estate Articles
More from Lane Hornung

Cyprus Properties for Sale

By: Robert Linley | 16/11/2009
Are you looking for Cyprus properties for sale? If you are, then the first thing I would recommend you to do is turn on your computer and try to find out as much information about buying a hose or any other property in this country. This will give you a fair idea about the places where the potential properties are located. In fact, you will also be able to see the photographs of many potential houses, apartments or condos on the internet when you are search for a good property online.

Cyprus Property For Sale

By: Robert Linley | 16/11/2009
Are you fascinated by Cyprus? If you are and you are thinking about buying a property there, then you will be happy to learn that you can get a wonderful Cyprus property for sale. Before you think of anything else, you should first decide on the region where you want to own a property. Once you have decided on a city or town where you wish to look for a home, you can look for the potential houses there.

The Best Home Improvement Tips for Added Value in your House

By: Marikor Hidalgo | 16/11/2009
Upgrading your home is done with different reasons and expected outcomes such as for personal pleasure in seeing the fruits of your labor and making the renovation for resale purposes.

Cheap Home Update – Fundamental Tips before Selling your House

By: Maria | 16/11/2009
Home selling is definitely a challenging yet fulfilling venture in the real estate industry hence more and more home owners opted to try their luck in this pursuit. It is a relevant resort to actually sell your house in the midst of an ailing economy, however you need to consider the different setbacks you may probably encounter.

Trust a realtor who can turn a house into a home

By: Tod Martin | 16/11/2009
From living on your own for the first time to starting a family with someone, a house can be the dwelling place of lifelong memories. The structure, design, size, etc. - should all suit your lifestyle goals and needs. A house should be a place where you’re comfortable enough to call it “home”. So how do you find that piece of real estate heaven? Finding the right realtor can help. Comfort is the key to your home It’s essential to have a good relationship with your realtor.

Top 3 Free Online Foreclosure List Websites

By: Richard S. Johnson | 16/11/2009
Foreclosed real estate presents a fantastic opportunity to purchase a beautiful home or condo, at a fraction of it's market value. This article will provide you with the information you need to quickly find foreclosures online, and links to the top 3 free foreclosure list websites.

Top 3 Free Foreclosure Listings Websites

By: Richard S. Johnson | 16/11/2009
Foreclosures can be a great way to enter the real estate market with a great deal on a house. Below, you will find helpful information about finding foreclosures online, as well as links to the top 3 foreclosure websites.

Top 3 Free Foreclosure Listings Websites

By: Richard S. Johnson | 16/11/2009
Foreclosure is defined as a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, most often a bank, can seize and sell the property as defined in the terms of the mortgage contract. When a foreclosure takes place the bank involved in the process will want to sell the property as quickly as possible, often MUCH below market value.

Choosing and Using your Real Estate Agent

By: Lane Hornung | 02/01/2008 | Real Estate
Statistics tell us that as many as 80% of all home buyers will start their search for a new home by browsing the Internet. The Internet is often used for browsing new properties, especially when there is distance involved.

Finding your Ideal Alpine Home

By: Lane Hornung | 06/12/2007 | Real Estate
There are many different versions of the ideal traditional ski lodge. Since the early 20th century this building style has slowly evolved as it has spread across the world, interpreted by different architects and developers. Today's ski lodges and high mountain homes offer all the style of classic architecture, while delivering a wide variety of modern comforts and amenities.

Getting Comfortable With Hard Money Investing

By: Lane Hornung | 06/12/2007 | Real Estate
Many real estate investors overlook hard money loans as a strategy for acquiring property. That's because these loans are typically used by desperate property owners looking for a way out of the real estate market, rather than into it. But hard money can work for anyone, and it can be particularly useful if you're a new investor looking to build your portfolio quickly.

Home Buyer Incentives - it Doesn't Hurt to Ask

By: Lane Hornung | 20/11/2007 | Real Estate
In a seller's market, a prospective home buyer needs to be a little more cautious when negotiating a purchase; however, in today's buyer's market, incentives are an accepted part of the deal.

Time for a Clean Sweep? the Down and Dirty Guide to Making it Happen

By: Lane Hornung | 26/10/2007 | Real Estate
Maybe you're ready to sell and it's time to put your house on display. Or you're preparing your home for the new owners to take possession. Or, heaven forbid, you've just bought a house and the last owner left a disaster (check with your realtor – you may be able to receive some sort of compensation depending on your contract).

The Buy First / Sell First Dilemma

By: Lane Hornung | 26/10/2007 | Real Estate
Unfortunately, the smooth transition from selling one house and buying another involves more luck than science. Do you list your home and risk selling it before you have a new one to move into? Or, do you buy first, produce a costly down payment, and then nervously wait to sell your home; praying all the while that you won't get burdened with two mortgages.

Condos Command a Crowd

By: Lane Hornung | 18/10/2007 | Real Estate
Recent years have seen an explosion in the amount of multi-unit housing on the market. With new builds starting everyday, it's clear the condo market is hot, hot, hot. Today's units appeal to a wide variety of people for a number of reasons.

Ya Know a Good Mortgage Broker?

By: Lane Hornung | 02/10/2007 | Real Estate
It's a fact that all mortgages do not suit all people. It's also a fact that all mortgage brokers are not the same. As the recent spike in foreclosures and crushing no doc loans have shown us, some brokers are clearly more interested in personal gain than in meeting borrowers' needs.