Buying or selling your home can be one of the most stressful things in life, depending on how smoothly the deal goes. Making the decision to move, scouting out the right property, negotiating and arranging financing can be an arduous process and when you throw the stress of closing the deal into the mix, things can get tense.
We’ve come up with a few simple tips to combat closing stress, in the hope that we can keep you relaxed and organized as the big day approaches.
Set Your Date Carefully
When requesting a closing date you need to consider your current arrangements, making certain to line up the closing with the closing date or end-of-lease at the home you are in now. Another important consideration is work schedule, given that you’ll need at least a day or two off in order to get situated in your new location.
One Last Walkthrough
Set up a time to go through the house once more before the closing date to check on any repairs that were promised and to make sure nothing has changed since the last time you were through. While most often there will be no issues, it’s good to make sure there are not going to be any surprises on the big day!
Resolve Any Issues
Should you find any problems on your walkthrough, this is the time to as that the sellers fix them! Oftentimes delaying the closing date is a nasty option, particularly if your lease has ended or if you’ve scheduled labour to help out on moving day. If your solution is to request that the sale price be reduced by the amount of the necessary repairs, making that request before the closing date is another way to ensure that things will happen on time. Requesting such a change close to the closing date can easily lead to paperwork delays and that’s a great thing to avoid.
Purchase Your Insurance
Gathering insurance quotes and analyzing policies is not something you want to be doing at the last minute, and you need to be sure that your new home is insured in time for your closing date. You’ll want to be very careful that you get all the coverage you need for your home for a reasonable price, and if you need extra insurance, for example if you live in an area where natural disasters are the norm, you’ll want to put extra protection in place.
Don’t Forget Title Insurance
Title insurance is important in case of any issues with your home’s title and you may also want to purchase an owner’s title policy to protect against any fraudulent claims or errors in previous sales. You may find that the seller will pay for your title policy, and if your home has been sold within the past few years you may be able to acquire a reissue discount from the previous owner’s insurance company.
Get Your Money Together
Oftentimes buyers are required to provide funds upon closing and if these funds are not readily available you should make arrangements to transfer them reasonably early in order to avoid any issues.
As with anything in life, being proactive and avoiding last-minute snags is always the best way to go about avoiding stress. By following a few simple tips it’s quite often possible to eliminate the majority of the stress from your closing and stress-free is one of the best ways to go forward into your new home!
Peterborough, ON K9J 1Z2