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How to: say goodbye to the family home

09 May 2007

Family homeIt’s probably your largest asset and one that’s close to your heart too. But what are your options when it comes to divvying up the family home? 

Get more than one valuation
De-clutter each and every room
Don’t DIY
Learn how to negotiate
Look good from the outside in
Do your own conveyancing
Embrace the internet
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Your home can hold a million memories of what married life was like. And while those memories might not all be happy ones (you are getting divorced, after all), waving goodbye to something so familiar – and the house that you’ve probably watched your children grow up in – can be the straw that breaks the camel's back for many soon-to-be-divorcees.

If you can’t afford to ‘buy out’ your other half, often your only option is to sell and split the proceeds. But how can you get the best deal possible and is there anything you can do to add value to the property? We asked a pool of experts for their best advice:

Get more than one valuation. “It’s always worth getting at least two or possibly three estate agents round to have a look as valuations can vary considerably,” said James Cotton of London & Country Mortgages. If you are still hoping to buy out your other half, solicitors will usually advise you to get three valuations and then take an average to prove the value of the property. If you have to sell, you’ve got nothing to lose by going with the highest realistic valuation and trying to negotiate the best price possible.

De-clutter each and every room. This will help make the space look as big as possible and let potential buyers imagine what their furniture will look like and what will fit where. “People like to be able to picture themselves in a house, rather than seeing what you have done with it,” said Paul Fincham of Halifax Estate Agents. “Help them imagine each room to its full potential. If the potential buyers have children, make additional bedrooms look like bedrooms rather than studies or store rooms or whatever else you currently use them for.”

Don’t DIY. Don’t do any major renovations or improvements unless you are absolutely sure that it will add value. “‘Doing some DIY may actually be a bad move,” explained Steve Reid of Clydesdale Bank's lending arm. “Our research shows that some home improvements can actually put off prospective buyers. For instance, one third of buyers find a house that doesn’t have a bath a turn off, so avoid the current trend to rip them out and rely on power showers instead. According to our research, around one third of buyers want to do their own improvements, so leave them the opportunity they crave.”

Learn how to negotiate. Try to keep one step ahead of the bidders once you’ve entered the negotiation process. “Be realistic about the asking price and be as flexible and willing to negotiate as possible,” advises Halifax’s Paul Fincham. “If you refuse to deviate from a particular price you may find yourself going nowhere fast.” On the other hand, if you have an attractive house that several people are interested in, you shouldn’t be beaten down too much on price.

Think through all the issues you could possibly negotiate over such as whether or not to throw in the furniture or whether you can cash in on having recently damp-proofed the basement.

Resist the urge to spill the beans. "Do not at any stage inform the selling agent or the potential buyers the reason for the sale of the property," said Michael A Pike, managing director of Alexander Associates. "Never show any signs of desperation or appear in a panic to sell. Plus, put some fresh coffee on or bake some bread – it smells homely. Take time to clean and make good any paint work too."