Are you curious about senior housing options related to housing co-operatives? Thinking about buying a property with your friends and living together? Do you want to learn why homesharing is becoming a popular option for aging-in-place?
Watch this two-minute video to learn more about why older adults are considering these innovative housing options in retirement.
My advice to older adults thinking about homesharing and co-housing as a senior housing options is engage with a qualified legal representative to ensure appropriate contracts are in place to address common issues such as dispute resolution, cost sharing, service exchanged, property ownership structure, termination and the sale of property as necessary.
Why are housing co-operatives a popular senior living option?
- They member-owned and controlled,
- Due to their popularity, some co-ops are not accepting member applications while others have multi-year waitlists, and
- Many are a combination of market rent, barrier-free and Rent-Geared-to-Income units.
Golden Girls is a well-known example of co-housing in action
- Typically involves unrelated people buying a property with the intention of living together,
- Legislative Assembly of Ontario is (as of January 2021) considering an amendment the province’s Planning Act, clarifying its application by municipalities in respect of unrelated seniors occupying a housekeeping unit, property or building, and
- Options vary – from shared common areas, separate units within a complex of unit to shared costs for shared services.
An exchange of services between homeowner and renter = Homesharing
- Good option for an older adults who are homeowners interested in sharing with a renter, in exchange for services or cost-sharing,
- Depending on the circumstances, the types of services exchanged will vary and may extend to companionship, and
- Homesharing popular with college or university students who are living off-campus.
If you’re looking for assistance identifying a senior living option that fits your needs, contact us for a free one-hour consultation.