Credit: Max Schramp via Unsplash
Real estate transactions in a hot market can be expensive, so learn how to save money when buying or selling your Hamilton home.
Between moving expenses, fees to real estate professionals, taxes, and insurance, you must look for every dollar you can save.
This is especially true for the many people who must sell and buy property simultaneously.
Luckily, there are steps you can take at either end of the transaction that can help reduce your expenses when buying or selling a home.
Partner With a Virtual Law Firm
Finding affordable real estate advice in Hamilton is easy.
Because they don’t work in brick-and-mortar offices, they can provide their services without including a portion of their lease and associated expenses in their fees.
Many experienced real estate solicitors who provide virtual services charge a flat rate, which can help you budget your closing costs.
As an added bonus, you can conveniently get the legal help you need without leaving home.
Before buying some advice, be sure to check out their online reviews and look for one who has an established practice that has been serving the Hamilton area for several years.
Negotiate Your Real Estate Agent’s Fees
Negotiating a real estate agent’s fee is relatively standard when selling your home.
And when Hamilton real estate prices are hitting all-time highs, as in recent years, it’s much easier to make a convincing argument when asking your real estate agent to reduce their commission.
Buyers don’t technically pay real estate agent’s fees, as the buyer’s agent splits the commission the seller’s agent receives from selling the home.
It is reasonable to conclude that the commission is included in the selling price; therefore, the buyer pays indirectly.
There are buyers’ agents who offer a commission rebate to attract clients.
If you consider using one, vet them like you would your real estate professional and research their experience and reputation online.
You’ll also want to ensure you’re 100% clear on how the rebate works and how you will receive it.
Selling and buying property with the same agent also gives you leverage to negotiate an agreement that reduces your agent’s commission.
Plan You’re Move Strategically
Investing sweat equity by moving yourself can save you a significant amount of your costs, but it requires planning well in advance of your moving date.
If you’ve hired the right real estate professionals, including your mortgage broker, you’ll have a reliable closing date that you can use to pick the best moving day for you.
This is crucial as you must inform utilities, the post office, etc., of your new address and start packing as soon as possible.
Many people underestimate how long it takes to pack.
Also, should you decide to hire professional movers, you can save on their fees by packing and unpacking yourself.
If you are hiring movers, book them as early as possible and move on a Monday or Tuesday rather than a Friday or on the weekend, as those are their busiest days and tend to be more expensive.
