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Planning With Ease – Step 1 of Selling Your Longtime Home
19 Plays3 months ago
Welcome to Part 1 of our 4-part series, How to Sell Your Longtime Home for Top Dollar with Ease. In this episode, Erin kicks things off by guiding you through the most important (and often most overlooked) step of the entire process: planning.
If you're feeling overwhelmed, unsure where to start, or wondering how to make such a major life transition smoother, this episode is for you. Erin breaks down the key elements of a thoughtful and effective plan—including how to determine where you're going, how to prepare legally and financially, and how to create a timeline that works for you, not just the real estate market.
✅ You’ll learn:
- How to clarify where you're going before anything else
- What documents and professionals you need in place
- How to tap into your home’s equity (with options like HELOCs, HECMs, bridge loans, and more)
- Why creating multiple versions of your plan (Plan A, B, and C!) can give you confidence and peace of mind
- How to avoid the costly mistakes that come from rushing into a move without a clear roadmap
✨ Ready to go deeper?
Watch the full How to Sell Your Longtime Home for Top Dollar With Ease e-webinar here:
👉 www.dovetailcompanies.com/webinar
📞 Need personalized support?
We’re here to help. Visit www.dovetailcompanies.com, call us at 617-227-1600, or email info@dovetailcompanies.com to connect with our compassionate and experienced team. You don’t have to go through this alone.
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Transcript
Introduction to Aging Well Podcast
00:00:00
Speaker
Welcome to Engaging Aging. I'm Erin DeCarlo. And I'm Lauren Watts. We believe life gets richer with age, and we're here to prove it. We bring you real conversations about aging well, living fully, and navigating this journey with confidence.
00:00:15
Speaker
So let's dive in, because aging isn't something to endure, it's something to embrace.
Series on Selling Homes: Overwhelm and Uncertainty
00:00:22
Speaker
Welcome everyone. Welcome to part one of our four part series, how to sell your long time home with ease. So a lot of times when clients are coming to us, they may be feeling overwhelmed, unsure or nervous, like where to be even getting this process.
00:00:41
Speaker
But we're here to tell you that we have broken down this overwhelming multi-step process into four simple steps.
The Importance of Planning in Home Selling
00:00:50
Speaker
And the first step is planning.
00:00:53
Speaker
One of my all-time favorite quotes is, a goal without a plan is just a wish. And so often I think as humans, we want to um like avoid the uncomfortable and we could just close our eyes and snap our fingers and get through the other side of this process.
00:01:09
Speaker
But unfortunately, that's not a reality. If your goal is to sell your home for top dollar, there are steps that you have to take to make that your reality and planning is the first step.
00:01:21
Speaker
So believe it or not, we believe the most difficult part of this planning process or process overall in general is figuring out where are you going?
00:01:33
Speaker
If I hit a dollar for every time someone has called us and said, okay, I need help cleaning out my house or listing and selling my home. And we ask them, okay, we can help you with all of that. But first, where are you going?
00:01:46
Speaker
So many people tell us, I don't know. And what we tell them is, well, we need to start with that. Figuring out where you're going helps us put a plan and a timeline and a budget to this whole process.
00:01:59
Speaker
So we're going to walk through the four steps of your plan. And the first is figuring out where are you going. That may sound simple, but that is the hardest part for a few
Choosing the Next Place to Live: Factors and Budgets
00:02:10
Speaker
reasons. One, I can't do that for you.
00:02:12
Speaker
There's multiple factors that figure like go into figuring out where you want to go. So let's walk through those and maybe help you gain some clarity. So first is location. Location, I always say, is the like one variable, meaning other options may fit all of your other boxes, but it's in a town or a location that maybe you weren't thinking of.
00:02:33
Speaker
So first ask yourself where location-wise. Do you want to be in your current area where you live now? Or are you considering maybe moving closer to family? Or if you're like me, i want to go somewhere warmer. So maybe the climate is a very ah variable for you to think through.
00:02:51
Speaker
The next are the amenities in the option that you're thinking about considering or you've already chosen. do you want places that offer maybe exercise facility or care support or maybe just to be in community with other older adults?
00:03:07
Speaker
What are the amenities? Even if it's a single family home or a condominium, do you want amenities, you know, part of a 55 plus community where there's opportunity to be social and tap into um not having to do snow removal or landscaping.
00:03:24
Speaker
So really thinking through the amenities of the options that you may be considering.
Financial Implications of Senior Living Options
00:03:29
Speaker
And then obviously budget. What is your budget? And if you haven't taken a moment to get really clear on the numbers, that is a massive first step.
00:03:40
Speaker
Unfortunately, many of the different senior living providers that we work with, they don't do a deep dive with you on the finances until they've accepted you and they have an available apartment um or a unit. And so we're getting phone calls from people where the budget is the last part of this process and you can be really emotionally upset and let down if maybe you can't afford that option and you didn't think that through upfront.
00:04:06
Speaker
So think about your budget. Are you considering a rental versus a buy-in? um Even in the continuing care retirement world, which are these senior living community options, there are a ton of different options.
00:04:19
Speaker
There are life care contracts. There are different types of real estate investments or purchase properties and the rentals. So doing a deep dive on your numbers to help you gain clarity will help you really narrow down the pool of options you're considering right out of the gate.
Estate Planning and Home Titling Essentials
00:04:36
Speaker
And we need to be a good steward of our energy throughout all steps in this process. So people can become exhausted and derailed when considering or looking or touring options that don't even fit their financial budget.
00:04:50
Speaker
So please get clear on your numbers. That brings us, after you figure out where you're going and you think about the location, that brings us to the second step in your planning process, which is your legal and financial plan.
00:05:04
Speaker
So at a bare minimum, everyone should have a basic estate plan in place, and you should be working with estate planning attorneys who specialize in this.
00:05:15
Speaker
More to come on the fourth part of this series about the professional experts and your partnerships. But basic documents, you should all have a healthcare proxy, a durable power of attorney, and typically a simple trust to help protect your assets.
00:05:31
Speaker
And you really need to think through, is your home titled correctly? So what that means is who actually owns your property? Is your home titled to a trust, to a family member, to a deceased family member?
00:05:47
Speaker
Before you can move forward with listing and selling your home successfully, we need to make sure that the title is correct. This helps avoid, when you have this planning piece done, massive future obstacles that could arise when we don't take the time to do this up front.
Financial Strategies: Move First, Sell Later
00:06:05
Speaker
So those are your basic legal plans, but then your financial plan. Most older adults, many older adults are tapping in into the equity in their home to afford that next step, whatever it may be that you choose.
00:06:20
Speaker
So your financial plan may include tapping into your home's equity for that plan. Now, a huge piece of our kind of secret sauce here at Dovetail is our move first and sell later process.
00:06:34
Speaker
We will get into much more of that in the next episode. But for many of our clients, tapping into their home's equity is how the process goes smoother by moving first and selling later.
00:06:46
Speaker
So we want to make sure that your hard-earned equity of your home is what you'll have access to tap into as part of your plan, your financial plan, to make all of this work with ease.
00:06:58
Speaker
There are multiple ways to do that. First, there's the traditional home equity line of credit where you can work with your financial advisor, which, by the way,
00:07:09
Speaker
Every single one of you should be working with a financial advisor who is well seasoned in understanding the unique needs of older adults. Because if you think about it, most financial advisors spend their careers and time with you helping you accumulate your wealth.
00:07:27
Speaker
And at this point in our life, we may be now tapping into and utilizing the wealth we have earned. And that takes a completely different skillset and strategy from your financial advisor.
00:07:40
Speaker
So please be sure. And if you're not, this is what we're here for This is not a journey to go out alone. We're here to connect you with the experts if you need that. But just know these recommendations that I'm making to consider should be consulted with your seasoned financial advisor.
00:07:57
Speaker
So there's the home equity line of credit where essentially you're tapping into your home's equity and utilizing um a portion of it for different expenses along the way, potentially purchasing or um renting your next step, putting a deposit.
00:08:13
Speaker
There's also something called a HECM for purchase. That's a home equity conversion mortgage. That is what you've also heard referred to as a reverse mortgage. We have an entire other episode you can find um at Engaging Aging Podcast. It's called The Almighty Dollar.
00:08:30
Speaker
That episode will do a much deeper dive into reverse mortgages. And yes, there is a product called a HECM for Purchase where you can utilize a reverse mortgage to purchase a next property and not have payments and not utilize all of the proceeds from the sale of your current home.
00:08:47
Speaker
into the purchase of a new home. So go there to learn more. There's also bridge loans. There's um easy bank bridge loans, hard money lender bridge loans. There's a lot of different product out there around bridge loans, specifically denied designed for your unique needs as a mature seller.
00:09:05
Speaker
and then you can also potentially tap into your investment accounts. So we've had numerous successful client cases where they've utilized their IRAs And been able to move first, utilizing that money and then having with a very specific strategy and plan with us, having their property sold and the money put back into their investment accounts to avoid any um tax implications or penalties and fees.
Personalized Timelines Over Market Pressures
00:09:33
Speaker
So again, reminder, your financial advisor should be privy to all of these strategies, but it has to be at the planning stage. So we're not doing this on fire on the other end.
00:09:45
Speaker
Unfortunately, in the world that we lived in, I mentioned to you that many of these senior living communities are not having these financial planning strategy sessions with their prospects until the resident is about to move in. And then sometimes well, oftentimes we are the recipient of that crisis phone call.
00:10:04
Speaker
And we say, if we had just talked to you a few months ago, this could have gone such a different way. Hence why we're here with you today. And we've created this four-part series. The third part of your plan is your timeline.
00:10:18
Speaker
And many people get stumped when we ask what is their timeline. So first we like to dream a little bit with you. If in an ideal scenario, what is your perfect timeline for all of this to happen?
00:10:32
Speaker
Now there's variables here. If you don't know where you're going, we need to stop and halt and figure that out first before we can gain clarity and details on your specific timeline.
00:10:45
Speaker
So, so often, and our biggest motivator to be in this real estate space and industry as professionals, is the real estate market is put at the center of the client's timeline.
00:10:57
Speaker
And other agents may be telling our clients, before we've met with them, like, you have to sell now, you have to move now, the market is hot now. We do not subscribe to that approach. What we say is let's take a breath.
00:11:11
Speaker
Let's get really clear on where we're going. Let's put our plan in place on how to get there. And then selling the home timeline will come together with much more ease.
00:11:23
Speaker
So what is your ideal timeline? not what your children want you to do or what your real estate agent is telling to you to do, but tap into your intuition. What would feel good for you?
00:11:34
Speaker
Once you get clear on that, then the other pieces of this can fall together. Make your timeline realistic. We help our clients really set themselves up for success by setting simple, manageable bite, actionable next steps.
00:11:52
Speaker
So your timeline has to be realistic. We joke, um if you haven't listened to any of our right sizing episodes, don't try to boil the ocean. Don't try to do too much all at once.
00:12:04
Speaker
It'll just exhaust you and derail you So let's make a realistic timeline to figure out where you're going. um And just know that that timeline will change and that's okay.
00:12:15
Speaker
But we have found that you hear us say this a lot, the longer the runway, the more successful the process and the outcome will be. Your home will sell faster and for more money when we take a minute to put a quality plan and timeline in place.
Planning for Health and Accessibility
00:12:30
Speaker
um Another consideration when we're thinking about this plan and figuring out where you're going is your current and future personal and health considerations.
00:12:41
Speaker
So do we need to think about age and place accommodations? I will always say yeah Part of aging is that our physical and cognitive needs change.
00:12:53
Speaker
And so we need to embrace that instead of fearing it. So really thinking through, does a multi-story living environment make sense? Maybe it does, maybe it doesn't.
00:13:04
Speaker
Do we need to think about yeah like home modifications for accessibility? um We love this concept. It's called universal design. There are ways to this is not your grandmother's nursing home we're talking about here.
00:13:18
Speaker
There are ways to have beautifully designed spaces that are functional and built out to support your needs as you age. but don't feel like you're in a geriatric setting.
00:13:28
Speaker
um And so think that through when you're looking at these new options, will this environment and will my plan support me now and into the longterm? So back to the finances for a second, this is where we have to think about future considerations.
00:13:44
Speaker
If the option you're considering now, while you're, you know, maybe active in spry, um may not, if it's just coming in at the top of your budget, well, we need to think through future care expenses.
00:13:58
Speaker
What will support look like if I had to modify this home to make improvements for me to successfully age in place here until end of life? What is the budget for that?
00:14:10
Speaker
So we want to really think through your current and your potential future care needs to put that into your overall budget. Because what I can tell you, and usually we're, you know, the client, the estate planner, the financial advisor, us, our team, we're having these meetings together to think through all of these aspects because when you've thought through all of these different pieces thoroughly, you then have confidence and clarity in the plan that is created for you.
00:14:41
Speaker
So that leads me to there may be multiple iterations of your plan. And not only is that okay, I think it's great because theres no one is a crystal
Future Scenarios and Crisis Avoidance
00:14:52
Speaker
ball. We don't know what the future will bring. We don't necessarily know how we will age exactly.
00:14:58
Speaker
And our plans should meet various scenarios. I give this caveat because couples, I always create multiple plans, plan a plan B, and plan C. The plan for right now, if there's an option that you love that will fit your needs now and for the foreseeable future, go for it.
00:15:18
Speaker
Don't not do something because someday you might need care or support. Just know and think through at this planning stage, this may not neat meet my needs forever. So what would that next plan look like?
00:15:33
Speaker
So often our clients come to us feeling, um... sad and overwhelmed and scared that the plan they made is no longer working for them and they panic like, what do I do now?
00:15:44
Speaker
You can get ahead and avoid all of that by having multiple iterations of your plan and then reassessing your plan, I say, every one to two years or if there's a change in your situation. so if there's that We have a client right now, husband and wife, they are moving into a traditional condominium.
00:16:03
Speaker
It's close to their adult daughter. It has great accessibility to shopping and dining and all the things they want to do. But they also looked at various continuing care retirement communities, knowing that one of them is aging differently. That's always the way. We never age the same as our spouse.
00:16:21
Speaker
knowing that if things were to change, here's their plan B. That plan B has a five to seven year wait list right now. So it's perfect because within the next five to seven years, their needs most likely will change and they already have a plan in place for that.
00:16:38
Speaker
So work with a professional that helps you think through these different scenarios and also understands the cost of these different scenarios. So that's already built into your overall financial plan and strategy.
00:16:50
Speaker
So ah we just want to close. I want to say this. The better your plan, the smoother this entire experience will be. It's a gift. Sometimes because people meet us in crisis and overwhelm and they think they have to just execute everything all at once, it doesn't go well. It ends up creating far more work and makes the process longer in many scenarios than if we just halt, take a breath,
00:17:17
Speaker
and put the plan in place and things will go smoother.
Resources and Support for Embracing Aging
00:17:20
Speaker
So please be sure if this is of interest to you in the show notes, you can download our free planning with ease guide. um And we also have our complimentary e-webinar, how to sell your longtime home for top dollar with ease um and reach out anytime. Please don't feel that you have to go at this alone. It's why we're here.
00:17:39
Speaker
Remember, we're here to embrace aging and not fear it. And we look forward to seeing you in the next episode, which is step two. It's all about preparation. Look forward to seeing you soon.
00:17:52
Speaker
Thank you for joining us today. we love having these conversations and we hope they sparked something for you too. If you enjoyed this episode, please like comment and share it with your community because together we can change the way the world sees aging.
00:18:07
Speaker
You can find us at dovetailcompanies.com or on any of our social media channels at dovetail companies. And just a quick note, the opinions shared in this podcast are those of our guests and do not necessarily reflect the views of Engaging Aging dovetail companies or our team.
00:18:24
Speaker
So until we see you next time, keep engaging with aging.