Tips for Selling a Home During Divorce
Many people do sell their homes during this tumultuous transition, and if you’re, unfortunately, among that group of people, we at Ann Milton Realty would like to offer you some words of wisdom (as well as a helping hand). Selling a home is a business decision. Even though emotions may be running on high, you’ve got to find a way to distance yourself, to think with your brain, not your heart, and to make decisions that are truly best for you.
See our tips below to sell a home during a divorce.
Don't be emotional
We’ll say it again: think with your brain, not your heart! Yes, divorce is tough. Yes, it’s emotional. Yes, it’s frustrating and aggravating and a whole bunch of other things all rolled into one. What’s more, divorce can also be financially devastating, especially if you’re not making smart, logical choices. A home is likely your largest asset, so decisions regarding its sale should not be treated lightly.
Too many divorcees, out of anger or hurt or revenge, will sabotage their house or belongings to spite their partner. Remember, this kind of behavior will only hurt you in the long run!
Don't forget capital gains
Many sellers will wait until after their divorce is finalized to tackle their home sale, but it might actually be advisable to sell first, while you’re legally still married. Capital gains tax is the main reason for this. As a married couple, you’re able to exclude up to $500,000 in profits from your taxes. Once you’re separated, that number drops down to just $250,000.
Always work with an experienced Realtor
The single most important thing you can do during this stressful, emotional, and confusing time? Have a professional on your side you can trust! If you’re juggling divorce and relocation at the same time, selling your home might not seem like the most important thing on your plate. But you don’t want the sale of such a valuable asset to take a back burner either. This is where your agent can step in to take the reins. A good agent can handle communications, scheduling, and negotiations, and can also provide invaluable advice on addressing specific aspects of the transaction.
If possible, try to work with your partner to choose your agent so they don’t feel they’re being undermined, or worse, try to bring their own agent into the game. Find a local agent experienced in selling homes in your area with the necessary patience and communication skills to handle the additional stress and turmoil that come with selling during divorce.
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