Best Practices for Senior Co-Living

Everyone needs companionship through all stages of life. For seniors wanting to maintain as much independence as possible, co-living is a solution that can minimize the risk of social isolation and also preserve financial resources at the same time.

Co-Living for Seniors

Think about the popular sitcom: “The Golden Girls.” In this show, four older women shared a home instead of living by themselves. This program was a hit, and it highlights the benefits that can come through sharing a living space with one or more friends.

Over the years, co-living has been more popular among the millennials. 20-somethings like the flexibility of sharing a living space. Now, the co-living trend is increasing among people who are 50 years and older. This arrangement can be a great solution in retirement for people looking to reduce housing costs, share household responsibilities, and enjoy companionship at the same time.

In most co-living situations, each resident has a private bedroom – often with a private bathroom connected to the bedroom. Other rooms in the house are shared living spaces such as the living room, kitchen, dining room, and laundry room. 

Tips for Co-Living

If you are considering co-living, then consider these important tips to increase the success of the arrangement:

• Written Agreement: Have a written agreement that outlines the financial responsibilities of each party. 
• Trial Period: Before committing to long-term co-living, consider a trial period for a few weeks or months to see if it is a good fit for both parties.
• Background Check: Before inviting a stranger to move into your home, run a thorough background check and credit check.
• Household Rules: Have written household rules managing policies such as pets, guests, scheduling conflicts, and entertaining others in the home.
• Seek Legal Counsel: The appropriate legal counselor will ask the right questions that  could save your financial nest egg and emotional well being.  

Seniors are often affected by the lack of affordable housing, which is why co-living might be a great option to consider. If you are nearing retirement and looking for housing options, then Greenwald & Gerke is here to help you find the best solution for your unique needs. We focus on real estate for retirement, with a full program to identify the right living conditions to help you enjoy an optimal lifestyle. For more information, contact us at (844) 782-9674.  We’re here to make the rest of your life, the best of your life!

At Greenwald & Gerke, we are committed to providing our clients with personalized solutions for their desired lifestyles. If you need real estate services for retirement, then contact us to learn more about the full-service solutions we offer: (844) 782-9674.