7. Negotiate Closing Costs
Some of the biggest ways to save on your home happen before you even own it.
“Closing costs are paid either by negotiating with the seller to contribute toward a buyer’s costs, or paid by the buyer out of pocket at closing. Additionally, the realtor can give a portion of their commission to be applied toward the buyer’s costs, the lender can give a credit to be applied toward the buyer’s costs or you can pursue a combination of these options,” said military spouse and loan officer at NBKC Bank Amy Stuhr Paterson. “If a buyer is looking to minimize cost out-of-pocket, they can discuss with their realtor and lender to see which of the options is best for him or her.”
There are other costs a buyer should try to negotiate, such as the seller’s attorney fee, transfer taxes, mansion taxes for purchases above $1 million, common charges and third-party services.