15 Surprising Things You Can Negotiate When Buying a Home

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Many buyers are surprised to learn that negotiation extends far beyond the price tag when purchasing a home. While negotiating the purchase price is important, savvy homebuyers can negotiate various terms and conditions that can significantly impact their overall investment.

This flexibility can save money and facilitate a smoother transition into your new space. This slideshow contains these must-know ideas.

Home Repairs/Maintenance

During the home inspection process, issues with the property may arise that require repair or maintenance. In some cases, buyers can negotiate for these repairs to be covered by the seller before closing the sale. This negotiation can save you from paying for costly repairs out of pocket after the purchase is complete. It’s essential to thoroughly review the home inspection report and prioritize which repairs are most important to negotiate for.

Title Insurance

While buyers usually pay for title insurance, you can negotiate for the seller to cover this cost. Title insurance protects against potential ownership disputes, making it a critical aspect of your home purchase. Some sellers may be willing to cover this cost to facilitate a smoother closing. Ensure this is discussed early in the negotiation process.

Furniture and Appliances

In some cases, sellers may be willing to include furniture or appliances in the sale of their home. This negotiation is especially common when selling a furnished vacation home or rental property. As a buyer, you can ask for specific items to be included in the sale, saving you money and making your move-in process smoother.

Personal Property

In addition to furniture and appliances, buyers can negotiate for personal property like lawnmowers, hot tubs, or artwork. These items can add value and convenience, reducing the need to purchase them separately. Sellers may be willing to part with personal property to close the deal. Ensure that any agreed-upon items are listed in the sales contract.

Contingencies

A contingency is a condition that must be met before the sale can go through. Typical contingencies include securing financing, satisfactory home inspection, and appraisal value. These contingencies can be negotiated to protect the buyer’s interests and provide them with an “out” if certain conditions are unmet.

Homeowners Association Fees

If the property you’re interested in is part of a homeowners association (HOA), you may be able to negotiate for the seller to cover any outstanding HOA fees. This negotiation can save you from paying a lump sum upfront or being responsible for any unpaid fees from the previous owner.

Utility Bills

Depending on the season and usage, buyers can also negotiate for the seller to cover some or all of their utility bills. This negotiation is more common in areas with higher utility costs or during peak seasons when energy usage may be higher.

Leaseback Agreements

In a leaseback agreement, the seller remains in the property for a specified period after closing while paying rent to the buyer. This negotiation benefits sellers who need extra time to move out or buyers who want rental income before moving into their new home.

Home Warranty

A home warranty is a service contract that covers the cost of repairs or replacements for major systems and appliances in a home, such as HVAC, plumbing, and kitchen appliances. While some sellers may offer a home warranty as part of the sale, it’s not always included. As a buyer, you can negotiate for the seller to provide a home warranty or include it in the closing costs.

Rent Credits

If tenants currently occupy the home, you might negotiate to receive any rent paid by the tenants up to the closing date. This can provide additional income and offset some of your purchase costs. Sellers may agree to this if they want to sell a rental property. Be sure to review the lease agreements before finalizing the sale.

Landscaping and Yard Maintenance

Some homes have extensive landscaping, so you can negotiate for the seller to cover the cost of maintaining them for a period after the sale. This can be particularly valuable if you’re moving during a season when maintenance is critical. Sellers may also agree to leave behind gardening tools or equipment. This ensures the property remains well-kept as you settle in.

Escrow Fees

Typically, escrow fees are split between the buyer and seller, but in some cases, you can negotiate for the seller to cover the total amount. Escrow fees cover the cost of the third party that handles the funds and documents during the closing process. Having the seller cover these fees can reduce your out-of-pocket expenses. This is often more successful in a buyer’s market or with motivated sellers.

Closing Costs

Closing costs typically include a range of fees associated with finalizing the purchase of a home, such as appraisal and attorney fees. These costs can add up to thousands of dollars but are often negotiable. Depending on the market and your negotiating skills, you may be able to negotiate for the seller to cover some or all of your closing costs.

Closing Location

In some cases, buyers may be able to negotiate for the closing to occur at a specific location, such as their attorney’s office, instead of a title company. This negotiation can save time, convenience, and money, especially if the buyer cannot travel far or has other scheduling constraints.

Closing Date

The closing date refers to when property ownership officially transfers from the seller to the buyer. This date can be negotiated to accommodate the needs of both parties. For example, if the buyer needs more time to secure financing or move out of their current home, they may negotiate for a later closing date.

Disclaimer: This list is solely the author’s opinion based on research and publicly available information.

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