Are there any caveats in my SQL migration plan? I would like to move several databases from one Microsoft SQL Server instance (2014) to another instance (2016) while still in production. Are there any obvious caveats or holes in my plan?

1) Take a full back up of each database that I want to move 

2) Restore databases to the new instance 

3) Sometime in the middle of the night switch each source database to single user mode. 

4) Take a last final transaction log backup 

5) Restore transaction log backup to the new instance databases 

6) Turn off old instance and point relevant resources at the new instance 

Any advice, caveats, etc.
Additional considerations for:  


Backup Databases  


WITH COPY_ONLY in order to retain the backup sequence of any third-party tool or backup maintenance plan currently running on your old SQL Server.  

Restore Databases  


You might have to RESTORE DATABASE ... WITH NO_RECOVERY in order to be able to apply further transaction log backups to your new database.  
Or after restoring the database backup run the RESTORE LOG ... WITH NO_RECOVERY on the new SQL Server so that further transaction log backups can be applied.

Single User Mode


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Final Transaction Log Backup


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Restore Transaction Log Backup


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Turn Off Old Instance


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And possible the most important point:

Test Procedure


Test the procedure in your Development Environment