7 Items to Negotiate When You Buy a Home in Canmore

When you set out to find homes for sale in Canmore, whether it is an income property set to become a short term rental or a personal home, you should be prepared to negotiate the best deal. One of the best ways to prepare for this is to choose a real estate team that has local expertise and experience, like us.

Contact us any time to learn more about how we can help you purchase the property in Canmore that you are dreaming of, and keep reading for 7 things you may want to negotiate during the sale. 

1. Purchase Price

Perhaps one of the most obvious negotiable features in a real estate purchase is the price. However, while it may be obvious that you can negotiate the price, the details are a bit more complex. 

There is a fine line between getting a great deal and offering an offer too low to capture the seller's attention. You may either be outbid by other potential buyers, or just ignored by a seller who is either insulted or uninterested. 

This is where the importance of working with someone who has local expertise and a wide network comes in. We can help you assess what would be a reasonable offer, understanding the fair market value of a property and having the inside scoop regarding competition for this type of home and any other relevant details. 

Remember that the purchase price can also be negotiated after the initial offer is accepted, based on the appraisal or inspection results. 

2. Contingencies

Contingencies are simply conditions that must be met for the sale to close. These might include financing contingencies (like the need to sell another property before your financing will go through) or a home inspection contingency (which will say something like the offer is contingent on a clear inspection report).

An appraisal contingency is another important option. If the property doesn't appraise for the agreed-upon purchase price, negotiations may involve the buyer and seller deciding whether to lower the price, dispute the appraisal, or terminate the deal. Negotiating with a contingency like this can provide protection and peace of mind for the buyer. 

3. Closing Date

The closing date is when the ownership of the property officially transfers from the seller to the buyer. Negotiating the closing date is important to ensure it aligns with both parties' timelines and needs.

You may want to negotiate for a closing date that is different from the customary 30 days if you have other investments or life events that interfere. 

4. Repairs and Maintenance

In addition to a lower purchase price, you may want to negotiate for repairs or maintenance to be done to the property if you discover it is not in the expected condition. This often takes place in conjunction with an inspection contingency when the inspection report reveals a problem. 

5. Closing Costs

Negotiations may involve determining how closing costs are split between the buyer and seller. It's common for both parties to share some of the closing costs, but the specific arrangement can be negotiated. Don't feel stuck with the expected division of these costs as there are usually many options, especially in a sellers market and a location like Canmore, where property values quickly appreciate and sellers tend to have substantial equity to work with. 

6. Home Warranty

Buyers may request that the seller provide a home warranty, which covers certain repairs and replacements for a specified period after the sale. The terms and cost of the warranty can be negotiated to provide some peace of mind after the sale closes. 

7. Personal Property

If you notice during the showing that there is something in the property that you would like included with the sale, this can be negotiated. Let's say there is a piece of furniture that is ideally suited to a unique space. You can negotiate for it to be included. 

Negotiations may involve specifying which items or fixtures are included in the sale (e.g., appliances, furniture, light fixtures) and which are excluded. These details are typically outlined in the purchase agreement.

To learn more about buying real estate in Canmore, contact us any time.