Buying a home is an exciting process, but it can come along with a lot of costs and expenses. From the down payment, earnest money, closing costs, and paying for an appraisal and home inspection, the costs can really begin to add up before you can close and move into your new home. Here are some recommendations to help you look for and buy a home with the help of new home rebates and buyer credits.
Shop For a Home Buyer Rebate
One of the ways a real estate agent can get new clients is with the use of buyer rebates with a home. Some homes are specifically marketed with the agent offering a rebate on the home, and other agents market this rebate to a client with any home they buy. A rebate on a home is a portion of the agent's commission that they share with the homebuyer to help them with buying a new home. When you close on your home, the agent will give you some of their commission, which you can receive in several ways.
Some agents will provide you a rebate on your home in the form of a credit on the closing statement, a gift card at closing, or a check to you from the commission. You may also choose to get a buyer rebate in the form of a free home inspection, home warranty, credit for moving services, or even help with your down payment. Talk to your real estate agent about how you want the rebate to work in the transaction so they can arrange it with the title company and closing documentation. You may want to get a check back at closing for the purchase of new furniture, a new fridge, or a vacation to Disneyland, as examples.
Negotiate the Purchase Contract
In addition to buyer rebates, you can also negotiate with the seller to get some help in your home purchase. When you make an offer to purchase a home, there are many ways you can get a credit towards the purchase that is written into the contract.
For example, you can ask that the seller help you by paying a percentage of your home closing costs or include a home warranty with the purchase. If you do not have a washer and dryer or if yours are on their last leg, you can ask the seller to include their washer and dryer in the sale. Then, at close, these items are included in the purchase contract and you close on the home with these helpful additions.Share