As seniors explore new ways to live and thrive in retirement, unconventional housing options are gaining popularity. At Axis Estate Planning, we help clients navigate the complexities of co-housing, shared housing, eco-villages, and themed retirement communities. Each option presents unique benefits and legal considerations that should be thoughtfully addressed.
Co-Housing and Shared Housing: Embracing Community Living
Co-housing provides a unique blend of private living and communal spaces. Seniors maintain their own homes but share common areas like kitchens and gardens. Shared housing takes this a step further, with multiple seniors living in a single residence, sharing responsibilities and costs. These arrangements foster community and reduce expenses, but they require clear agreements to outline shared responsibilities and financial arrangements.
The Rise of “Boom-Mates”
An innovative concept known as “Boom-mates” is gaining traction among Baby Boomers. This arrangement allows two or more seniors to rent a home together, sharing costs and companionship. While it offers social and financial benefits, it’s essential to have well-defined agreements in place to avoid potential conflicts over shared expenses and responsibilities.
Eco-Villages: Sustainable Living for the Golden Years
For environmentally conscious seniors, eco-villages offer a community-focused lifestyle with an emphasis on sustainability. These communities often feature green homes, communal gardens, and eco-friendly amenities. While they provide a unique living environment, residents must navigate specific legal requirements related to property ownership, community rules, and shared responsibilities.
Living with Family: Rediscovering the Joys of Multigenerational Living
Living with family members is an increasingly popular choice, offering mutual support and companionship across generations. This arrangement can reduce living costs and provide a supportive environment, but it’s important to consider legal aspects such as property rights, caregiving responsibilities, and estate planning to ensure everyone’s needs are met.