When couples divorce, they often must consider selling their Windsor real estate for financial reasons. Needless to say, this is a very emotional time for everyone concerned, and it can be a devastating disruption in all aspects of life. Sellers finding themselves in this predicament, need to follow the advise of experts who can provide professional as well as objective information that can protect them in the long run.
If you find yourself facing a divorce, and wondering if it is necessary to sell the family home, ask yourself the following questions:
1. Do you have other housing options?
Is your current house payment equal, less or more than finding a rental property? Are there rental homes that can meet your needs in the same neighbourhood and school district? Can you afford the costs of moving? Can you live in a smaller home?
2. What is the current value of your home in today’s real estate market?
Is your home under water or do you have equity? Contact a professional real estate agent and ask him or her to tell you what comparable homes are sold for in your area. Remember, these are what homes have SOLD for, not the price they were listed. An agent will take homes with same square footage and other similar features to give you an idea on what you could list your property if you decide to sell.
3. Can you afford your home? Really?
You need to be honest and decide if you can afford your home based on your changed financial circumstances. Consider insurance, utility payments, repairs and updates, landscaping and other maintenance issues that can be very costly. Many of my clients have discovered that while they could afford it, they were unable to save and enjoy vacations which really affected their quality of life. If staying in your home means you will be living a very stressful lifestyle, worried about a repair emergency or any other unexpected bill, then this should be considered when making your decision.
4. Creating a new life:
Again, several clients that I have worked with in the past, who were going through divorces, decided to make a clean break and start a whole new life. For some, there were just too many memories, for others, they simply couldn’t afford the home. But the vast majority looked at this time as creating a brand new life. Whether they were renting or using the profits from their old home, they were all able to find properties that made them very happy. Downsizing, selecting a new floor plan, living in a new neighbourhood were just some of the new experiences they were looking forward to.
Most divorcing couples who opt to sell the home usually want to sell quickly. If this is the case, you must do the following:
1. Price the home correctly. In fact, depending on your financial situation, you may want to consider pricing the home ten percent below the value. Buyers will flock to your property and you may entertain various offers, driving the price of the home up.
2. Don’t advertise your divorce. Buyers who understand that you need to sell quickly due to a divorce, may make very low ball offers. If this does happen, and no other offers are on the table, don’t get insulted. Simply counter with the full asking price. They will get the point and either make a more reasonable offer or walk away.
3. Hire a real estate agent that can market your home effectively. Now is not the time to try to sell yourself if you need to sell quickly. By choosing an agent that can advertise, promote and spread the word to other agents that your home is available and priced appropriately, you have a much better chance at getting a good offer sooner, rather than later.
4. Declutter, clean and create curb appeal. Buyers like homes that are move-in ready. When you need to sell a home quickly, it is important to create an appealing property that gives a good first impression the moment a buyer pulls up into the driveway. You never get a second chance at making a good first impression as buyers simply want to be wowed right away. If they don’t like the outside of a home, it can be difficult to get them inside.
Again, price the home right, do the necessary repairs, clean and never turn down a showing!