Divorce and Real Estate: The tips you need to smoothly sell your home
HOw tO Prepare YOur HOme for Sale
Going through a divorce can be one of the most difficult periods in a person’s life. On top of the emotional challenges of a divorce, if you own a home, you may also have to go through the challenge of selling it.
Selling a house during a divorce can be daunting. It can be another stressor to an already emotional time. But with these tips and the right support, you can successfully prepare your home to sell during a divorce.
Put everything in writing
Whether the divorce is amicable or not, it’s not just the profit of the sale of the home that will be split (and if you’re in Ontario, any property obtained during a marriage must be split equally when the marriage ends). Any fees and penalties you may incur also need to be split, such as legal fees, financial penalties for breaking the mortgage, and costs for any upgrades needed to prepare the home for listing. I suggest working with your lawyers to put an agreement in writing so there’s no confusion on how those costs are divided when the time comes.
Be upfront with your realtor on the situation
Your realtor needs to know whether they’re to only communicate with one or the other of you, both of you, or only through a lawyer or mediator. However, regardless of how you communicate with your realtor, you’ll likely have to work together to review offers from potential buyers. Your realtor can advise but, ultimately, the final decision is yours to make jointly.
Prepare your home
Divorce changes everything, making this transaction anything but ordinary. Normally, I recommend thoroughly deep cleaning and decluttering, making minor updates and repairs, and enhancing your curb appeal before listing your home. And while these all still matter, when selling a property because of a divorce, time is often not on our side. It can help to make a prioritized list in order to ensure that at least the most important items get done. Also, if the work falls mainly to one person, you may need to work out a way to compensate that person for the extra effort.
Consider home staging
Particularly if you’re not able to properly prepare you home for sale, a professional home stager can make a world of difference. Home stagers will evaluate the current condition and belongings in your house and determine what elements might raise the bar. They know the real estate market and what sells. Often homes sell faster and at higher prices when professionally staged.
Listen to your realtor’s advice
One or both of you may have a sum in mind of what your 50% takeaway should be, but it’s important to not let that number overshadow your realtor’s advice on asking price. Their expertise is one of the main reasons you hired a realtor, so trust that they know the market, even if it’s not in line with your expectations. However, if you think your realtor is really off-base, you may need a different agent.
While this is definitely not an easy time in your life, once the sale of your home is behind you, both of you can take the next step toward healing and move on to the next chapter.
October 3, 2024
