Planning on buying a home in Barrie?
Since most people never buy a home more than a handful of times they don’t generate the experience to know the little tricks to take to avoid potential problems. One of the easiest things to do that can save a lot of major headaches down the road revolves around closing date. The closing date is the day that the money finally gets sent to the sellers and you get your name on title and the keys to the property.
If you want to avoid a lot of problems then don’t make the closing date on your home on a Friday or the end of the month.
Don’t Close on a Friday
The reason you don’t want to pick a Friday is in case of any delays. If you pick a weekday then you can just do it the next morning and it won’t be a big disruption. If a delay happens on a Friday then you won’t get possession of your home until at least Monday. Longer delays can cause more problems. You have to figure out what to do with all your possessions because the movers may already be booked with that same equipment. You’ll have the extra expense at the very least. Not to mention a hotel or other accommodations.
Don’t Close at the End of the Month
Closing at the end of the month can compound the issues that you may see on a Friday. The issue is that at the end of the month is also often the busiest time for real estate lawyers. Deals can be more likely pushed to the next day at the end of the month. Avoid this by closing mid-month.
This is especially true in the spring and summer months. A lot of long weekends fall near the end or beginnings of months. A lot of lawyers also like to take time off in the summer. Close at the end of the month in that time of year and you may even have a harder time than usual finding a lawyer. You can always find one but with less options you may have less options in terms of prices.
Definitely Don’t Close on a Friday at the end of the Month
See both the reasons above and add them together, especially if its a long weekend.
Many times if you close on a Friday or end of the month you won’t experience any issues. This is a case of risk mitigation though. When you’re buying a home you want to minimize as much of the risk as possible. You can avoid a lot of problems by strategically picking the date you close on your next home.