Closing and Moving In
Review with your lawyer what you have to pay for on closing to avoid delays. In spite of spending so much money to close, you'll still need more to move in. The cost of relocating to a new home is often higher than anticipated, and finding the right mover means preventing a moving day ordeal.
When Not To Close
Avoid closing on Friday. When something goes wrong, you may not have enough time fix it. If you retire (pay off in full) your mortgage, you'll be charged for three extra days of interest (and one more day over a long weekend) when the lender isn't paid by an afternoon on Friday.
The end of the month isn't good either. It's a busy time for closings, especially in the summer. You'll be risking long lineups, and possible delays. Moving services cost more, and it's harder to find a mover.
Have your money readily accessible for closing. If you deposit a personal cheque in your account, it takes four to five business days to process, and an electronic money transfer requires one to two business days.
Withdrawals from RRSP under the Home Buyers Plan last longer, and you should talk to your financial institution in advance to ensure a timely arrangement.
How To Hire A Mover
Choosing the right mover is no petty task. You entrust your possessions to other people, and may pay thousands of dollars. With so many companies operating in the market making a mistake becomes easy.
Cost of Moving - Request estimates from different companies to find out what a reasonable cost of moving is. A reputable mover will send its representative to your home to make an assessment and give you a quote.
Get your estimate on paper, indicating the date of the move, terms of payment, and the breakdown of costs and services. Pricing lower than average could mean a sub-standard service or more charges applied later.
Your final cost will be dictated by many factors, but these rough averages can give you a better idea of what you can expect to pay:
Mover's Liability - Ask for a detailed outline of the policy to ensure you understand deductibles, claim procedures and your coverage, including special care items like pianos or expensive furniture.
Basic liability, providing very little protection at no extra cost, is $0.60/lb. A much more realistic security comes with a replacement guarantee. It's based on a declared value or a refund equal to $10/lb, but you'll have to pay a premium.
Some movers may offer added value insurance as another option, so you can increase your coverage from basic $0.60/lb to around $2/lb at a lower premium.
Once you receive a liability quote from the mover get in touch with your homeowner insurance company. If they offer a "goods in transit" policy endorsement, you may not need any coverage from the mover.
Insist on having your agreement ahead of time. When they give it to you on a moving day, it's too late to change any details which don't confirm to the negotiated terms.
Expenses On Closing Day
More Tips On A Moving