Co-Living - Could this be an option in your senior years?
As an SRES (Senior Real Estate Specialist), I belong to quite a few organizations that offer counsel, information, resources to seniors. Recently, our SRES publication sent out a newsletter dedicated to the idea of Co-Living. It peaked my interest immediately because it referenced a favorite sitcom - "The Golden Girls" as an example of this retirement living arrangement. It really got me thinking about the advantages (and disadvantages).
There are a couple of different arrangements that could fall under this category of "co-living". The more common or well known options would be "co-housing" communities. In this arrangement, each individual or family unit has their own home or condo or town home but residents share spaces outside of the living quarters. So they may have game rooms or theater rooms, offices, commercial grade kitchens, pools, libraries, fitness rooms, etc. Co-living on the other hand would refer to something more akin to the "Golden Girls" where you have a room-mate arrangement and share common living spaces within the same home.
The obvious benefits to either arrangement would be a more affordable living situation and sharing expenses. Lack of affordable housing is definitely an obstacle that faces a large number of seniors. According to our newsletter, households in their 80s will be the fastest growing age group in the next two decades. Households age 65+ are expected to increase to 34% of households during that time.
Sharing household responsibilities, help with carpooling (or maybe a driver if residents can't drive), and sharing the financial burden are obvious perks. However, studies show that health and well-being are tied into having some social interactions as well daily. Loneliness is something that these types of arrangements can help alleviate. A sense of being and community are also very important to mental health. Having regular opportunities to eat with your community, have a game night, group fitness activities, all are benefits to co-living.
The the downside, well of course there are going to be challenges any time people live together. Housemate conflicts can arise. Many people who have successfully navigated this have a written agreement between house mates. Regular house meetings to keep communication and ensure everyone is feeling involved and pulling their weight. You could also have "trial" periods when a new house mate is brought in. Perhaps a two week trial to make sure it is a good fit for everyone.
There are roommate matching services out there also like Roommates4Boomers.com (women only) and Silvernest.com.
Please note : this is not an edorsement for either of these sites!! Just a resource you can check out for yourself.
I am happy to send you the complete newletter with all of the information if you would like to read it your self. It is very interesting. Maybe it is because I have always been a "Golden Girls" fan, but this certainly feels like something I would consider in the future!!
Denise Wilson
RE/MAX Ability Plus
317-339-9205 or denisewilsonrealtor.com