Credit: Max Schramp via Unsplash
Real estate transactions in a hot market like Hamilton can be an expensive proposition.
Between moving expenses, fees to real estate professionals, taxes and insurance, you need to look for every dollar you can save.
This is especially true for the many people who need to sell and buy property at the same time.
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
Using a virtual law firm is an easy way to find an affordable real estate lawyer in Hamilton.
Because they don’t work in brick-and-mortar offices, they can provide their services without having to include a portion of their lease and associated expenses in their fees.
Many of the experienced real estate lawyers providing virtual services do so at a flat rate which helps you budget your closing costs.
As an added bonus, you can get the legal help you need at a time that’s convenient for you and you don’t have to leave your home to get it.
Before choosing a real estate lawyer, 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 fairly standard when selling your home.
And when Hamilton real estate prices are hitting all-time highs, as they have been 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, however, that the commission is included in the selling price and therefore the buyer pays indirectly.
There are buyers’ agents who offer a commission rebate to attract clients.
If you consider using one, make sure you vet them the same way you would vet your real estate lawyer 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 the total amount of your agent’s commission.
Plan Your Move Strategically with the Most Affordable Real Estate Lawyer in Hamilton
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 will need to 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 doing the packing and unpacking yourself.
If you are hiring movers, book them as early as possible and move on a Monday or Tuesday as opposed to a Friday or on the weekend as those are their busiest days and tend to be more expensive.
