What Financial Steps Should Seniors Take Before Selling to Move Into Assisted Living?

Selling your Long Island home to move into assisted living is a major decision — both financially and emotionally. Before taking the leap, it’s important to understand your home’s value, prepare for assisted living costs, and build a clear plan with your REALTOR, financial advisor, and family.

Why Financial Planning Is Key

For many Long Island seniors, their home is their most valuable asset. Selling it to fund assisted living can provide peace of mind — but only if handled strategically. Assisted living involves both upfront costs and monthly expenses, and without proper planning, families risk stress or financial strain during the transition.

By organizing finances early, you can ensure your home sale aligns with your care and housing needs.

Understand Assisted Living Costs

Assisted living communities in Nassau and Suffolk County vary in price depending on the level of care and amenities.

Typical costs (as of 2025):

  • Independent Living: $4,000–$6,000/month

  • Assisted Living: $6,000–$8,500/month

  • Memory Care: $9,000+/month

These figures often include housing, meals, and activities — but not medical expenses.

If you’re exploring local options, communities like The Bristal, Sunrise Senior Living, and Atria Senior Living are trusted names across Long Island. Each offers different services, so comparing amenities and costs is essential.

Determine the Value of Your Home

Your home sale may be the main source of funding for assisted living.
A Seniors Real Estate Specialist (SRES®) can help you:

  • Estimate your home’s current market value.

  • Calculate your potential net proceeds after taxes and expenses.

  • Evaluate the right time to sell based on your assisted living move-in date.

With the median Nassau County home price exceeding $800,000 in 2025, many seniors can comfortably fund several years of care through their home equity.

Consult a Financial Advisor or Elder Law Attorney

Before you list your home, it’s smart to:

  • Review all sources of income, including Social Security, pensions, and retirement accounts.

  • Discuss potential capital gains taxes or deductions from your sale.

  • Understand how selling assets might affect future Medicaid eligibility.

  • Create a budget that accounts for both immediate and long-term care needs.

An elder law attorney can also advise on asset protection strategies and help ensure legal documents like powers of attorney are up to date.

Prepare the Home for Sale

Once your finances are organized, focus on maximizing your home’s value:

  • Declutter: Begin simplifying belongings early.

  • Make Light Updates: Fresh paint, new fixtures, and tidy landscaping can add appeal without major expense.

  • Stage for Buyers: A clean, neutral presentation helps attract younger buyers and families.

An SRES® REALTOR will understand how to market your property effectively while respecting your timing and energy levels.

Plan for Timing and Temporary Housing

Timing is crucial when you’re selling and moving simultaneously. You may need to:

  • Schedule your home sale around your assisted living move-in date.

  • Plan for short-term housing if there’s a gap between closing and move-in.

  • Coordinate movers familiar with senior transitions to simplify the process.

A senior-focused agent can help you build a clear timeline so nothing feels rushed.

Involve Your Family in the Process

Selling a longtime home and preparing for assisted living can be emotional. Keep communication open by:

  • Sharing how sale proceeds will be used.

  • Involving family members in decluttering or decision-making.

  • Discussing responsibilities clearly to reduce stress and confusion.

When everyone feels informed, the transition becomes more cooperative and less overwhelming.

Work With a Senior Real Estate Specialist

An SRES® REALTOR offers more than market knowledge — they bring empathy, patience, and specialized experience.
Working with an expert like Eric Berman, SRES® Specialist REALTOR, means you’ll have:

  • Guidance on local pricing trends and the best time to sell.

  • A network of trusted professionals, from elder law attorneys to financial planners.

  • A calm, supportive advocate who understands the emotional side of this move.

Moving Forward With Confidence

Moving to assisted living is a major life step, but with careful financial planning and the right guidance, it can be a smooth and empowering transition. By understanding your home’s value, consulting professionals, and working with an SRES® REALTOR, you’ll make decisions that protect your future and bring peace of mind.

Ready to start planning your next chapter?
Reach out to Eric Berman, SRES® Specialist REALTOR, for compassionate, senior-focused guidance on selling your Long Island home and preparing for assisted living with confidence.