Co-living is not a new idea. Students have been doing this for years. But what if you can’t afford a home by yourself and you can’t see yourself living in an apartment? There are always many options in life.
If you are a senior…
Life can give us many challenges along the way. Sometimes in our golden years, we may not have as much money and can’t afford the high prices of senior residences that can start at $3,100 a month. Maybe you are not ready for this type of retirement living either! By 2030 almost a quarter of the population will be over 65 years old. Depending on your preferences many seniors are opting to buy a house together as a way of living.
Many seniors are pooling their resources to be able to age in place in their own homes. Food, maintenance and other expenses are shared. Co-living also allows many seniors to be less lonely.
Co-living as young professionals…
The cost of renting an apartment can be a financial burden when you are starting your career. Often co-living can provide shared furniture expenses, social connections and networking. Everyone will have their room and share other spaces throughout the home. You can live with like-minded people who want to save to have their place one day.
Co-living Advantages and challenges
Like any undertaking, there can be advantages and disadvantages to any venture. Here are some that you should be aware of:
Advantages:
- Opportunity to live in a community and save money.
- Convenience, flexibility and connection.
- Sense of belonging.
- Increased efficiency and productivity
- Reduced expenses.
Challenges:
- Privacy concerns.
- Limited autonomy.
- Unexpected costs.
Co-living gives you the advantage of not living alone in a big home. You will have time to socialize and meet new people. It can give you more time for family and travel.
Use a Trusted Real Estate Company
One of the best pieces of advice for buyers is always to get a credible real estate company. A lot of first-time buyers believe they must pay a commission to a real estate company. The sellers pay the real estate commission not the buyers. Our Anne Winch Real Estate Team can help you with questions about purchasing a home for the first time. Our name speaks for itself as we have had many years of experience in the real estate business, and we know our market and can help you find the best place.