When buying a home, most people focus on negotiating the price. But did you know there are several other aspects of the transaction you can negotiate to save money and make the process smoother? Here are five key things to negotiate when purchasing a home—besides the purchase price.
1. Home Warranty 🏡🔧
A home warranty covers repairs or replacements for major systems and appliances due to normal wear and tear. Negotiating with the seller to cover the first year’s cost (typically $400–$700) can provide peace of mind—especially for older homes with aging HVAC systems, water heaters, or kitchen appliances.
2. Repairs and Inspection Items 🛠️
After a home inspection, you can negotiate with the seller to:
✅ Make necessary repairs before closing
✅ Provide a credit to cover the cost of repairs
✅ Reduce the purchase price if they won’t make repairs
Common negotiable repairs include roof damage, plumbing, electrical issues, and HVAC servicing.
3. Lender Fees & Rate Buydowns 💰🏦
Lender fees can add up quickly, but did you know you can negotiate them? Some options include:
✔️ Asking your lender to reduce or waive certain fees
✔️ Negotiating a seller-paid rate buydown to lower your mortgage interest rate
✔️ Exploring a 2-1 buydown to reduce your monthly payment for the first two years
4. Closing Costs ✍️💵
Closing costs typically range from 2% to 5% of the home's price and cover lender fees, title insurance, appraisal costs, and escrow fees. You can negotiate with the seller to:
✅ Cover a portion—or all—of your closing costs
✅ Offer a closing credit instead of a price reduction
5. Closing Date ⏳🏠
The closing date might not seem like a big deal, but it can impact your finances and moving plans. Consider negotiating:
📅 A lease-back option if the seller needs extra time to move
📅 An expedited closing if you need to move in quickly
📅 A flexible closing date to align with your lease or sale of your current home
Final Thoughts
Negotiation isn’t just about the price—it’s about crafting the best deal for you. By working with an experienced Realtor, you can negotiate home warranties, repairs, lender fees, closing costs, and closing dates to make your home purchase more affordable and convenient.
👉 Thinking about buying a home? I’d love to guide you through the process! Send me a message or comment below with your questions. 📩🏡
