A LOT of my business selling houses is the unfortunate result of divorce and/or separation. With the divorce rate standing at 50% in Ontario and increasing rapidly every 5 years, it only makes sense (in my opinion) that a lot of the homes currently on the market are being sold due to a marital split. Fortunately (or unfortunately - depending on how you want to look at it) I have a ton of experience in this area, as I myself am recently separated. Here are some tips and helpful advice to get you through this incredibly difficult time in your life.
You’re at the point of no return with your marriage and decide to sell your home, split the money and go your separate ways. Simple, right? NO! It’s not that easy. For the majority of Ontarians, their house is their primary asset. If you’ve owned a home since 2005, for example, you’ve watched the value of your home double, or even triple. If you’ve been responsible and haven’t been “drawing” from this investment to buy new toys every year, you should have a fairly large nest egg in your home. What are the next steps?
Choosing an agent to sell your home: Usually the wife likes one and the husband doesn’t - simply out of spite or vice versa. One spouse will think that the agent the other spouse has picked will be in cahoots with them. In reality however, this is virtually impossible. My advice? Each choose 3 agents, interview all 3 and pick the best by doing a blind draw. That way it’s fair to both sides. DO NOT mention that you’re getting a divorce, as this can sway the agents’ opinion of value, plus you don’t want this to be public knowledge. It may take an award-winning acting job to merely be in the same room as your soon-to-be-ex spouse, but try to do your best.
Preparing the home for sale: Remember, you want to maximize the sale, as this is a tax free asset you’re selling. Staging the home is a huge plus and repairing any deficiencies in the home prior to the sale is a must to attract the most money. But, who’s going to do the repairs? The husband? Not on your life! The wife? Not a chance! My advice? Write up a contract that is signed by both parties stating that any and all fees associated with the sale of the home will be evenly split 50/50. Then hire contractors - they will get the work done quickly and professionally. Remember, this cost is split 50/50, so do your research on hiring painters, drywallers etc. It’s almost better to let an outside party like your realtor find the contractors that way there’s no fighting and arguing about it.
The home is listing in 3 days: It’s imperative that you make it look like a happy home during the sale. The fridge should contain more than steaks & beer and the master bedroom closet should contain more than just one spouse's clothes. These are dead giveaways that we as agents look for when we think it’s a divorce sale.
Keep the home clean and “ready to show” at all times. This can be tough -but it is a must. If one spouse has already left the house and the other spouse is responsible for preparing the home for showings each day, try to have an open mind mentally and think of the end target – to sell the home for the max and move on.
If you follow these steps, you should maximize the sale of your matrimonial home and hopefully the sale will go smoothly with minimal conflict.
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