As discussed in a previous post, How the Closing Date Affects Closing Costs for Home Buyers(pro-rated interest adjustments), there are other considerations in addition to the costs associated with the closing date of a real estate purchase when planning the closing date.
Yes, convenience is important! Working around a work schedule or vacation time is important. Coordinating a current lease expiration date or closing date on the sale of the current home is also important. Closing before the interest rate lock-in expires is important.
First of all, keep in mind that if you are currently paying rent for an apartment or home, you have already paid your rent on the 1st of the month. If you move out on the 15th, you are actually forfeiting the money previously paid and are also paying interest and real estate taxes on the home being purchased.
The ideal scenario is closing near the end of the month for two reasons. The first being cost as previously discussed and the other being convenience. It will be so much easier to coordinate the move out and move in when it does not have to be accomplished all on one day. Leaving the move to the last day of the month does not leave any room for unexpected problems.
Of importance is knowing what the seller of the home being purchased is doing. If it is vacant, no problem choosing any particular date. If not vacant, it is important to know if the seller will be moving out prior to closing or if they are moving out on the day of the closing since they are also purchasing home. Another consideration is the condition of the home being purchased. Does it need minimal cleaning and painting before the move in or will it require some additional work before a move in?
What if the closing is scheduled on the last day of the month and there is an unexpected delay with the closing paperwork package from the lender? It does happen. What if the seller is moving out on the closing date and their movers are delayed and your moving truck arrives and the home is not empty yet? I have seen that happpen many times.
Purchasing a home is emotional and stressful enough. Be prepared to eliminate any additional emotional stress! Think the closing date out in advance. Consider the costs related in the closing date and make the closing date as convenient as possible regarding the actual move.