Whether you’re a senior yourself or have a senior in your life, you’ve likely spent at least a little time thinking about appropriate senior housing options. There are many different types of senior housing options near you, which can make it very difficult to choose the best one. Two new types of senior housing that have become very popular over the last few years are senior cooperative housing and senior communal living. While there are some slight differences between senior communal leaving and cooperative housing, they both have incredible benefits for older adults. Here’s everything you need to know about senior citizen cooperatives and communal living.
What is senior cooperative housing?
Senior cooperative housing works very similarly to a traditional apartment co-op building, except in senior co-ops all residents are over the age of 55. Each 55 and older resident has a share of the building and is considered a partial owner. Residents work together to manage the building, and everyone gets to voice their opinion about how things are run. There are many tax benefits to being an owner of your home, and with senior cooperative housing, you still get these helpful tax benefits. However, you don’t have to worry about the maintenance of the building, because residents work together to hire cleaners and repair companies.
Senior cooperative apartment complexes also provide unique benefits just for older adults. Typically, these buildings offer social clubs and activities that help seniors get to know the other residents of the building. As a retiree, this can be very beneficial. Residents may also work together to develop amenities and services that everyone on site can use. These may include things like a community garden, culinary services and game nights, and improve the quality of life for all 55 and over residents.
Who is a good candidate for senior cooperative housing?
Senior cooperative housing is ideal for retirees older than 55 who are still very independent, but want to downsize from their current living situations. Senior coops are also ideal for seniors who are very social, because senior cooperative housing typically involves a variety of different activities and meetings. This helps retirees maintain a routine during the day, which is very important and helpful. Living in senior cooperative complex is a good option for seniors who are worried about feeling lonely or bored in retirement. Cooperative housing is usually ideal for upper middle-class seniors who are concerned about comfort and want an easy daily routine.
What are the benefits of senior cooperative apartments?
There are many benefits for retirees to living in a 55+ housing community. After leaving their job, many retirees find it difficult to develop a routine and a social life. This can lead to both physical and mental health problems. Spending time with other adults is very good for mental health and stability, and it also encourages seniors to get out of their apartments and be active, which is beneficial for physical health. By living in a cooperative housing community, seniors have easy opportunities to make friends with people their own age who live close by. They can also organize activities that they enjoy to make their experience more personally enjoyable.
Another benefit of senior cooperative housing is convenience. A co-op provides all the comforts of living in your own home, without the downsides. Seniors in a co-op can still enjoy their independence, but they don’t have to exert extra energy for taking care of cleaning and maintaining their household. Senior co-op apartments are also appropriately sized for seniors, so residents have enough space without feeling like they are in a large empty household. As previously mentioned, there are also many tax benefits to owning your residence instead of renting it or living in a nursing home, and senior co-op residents can reap these benefits. Finally, co-ops allow senior couples to stay together, and many co-ops are also pet friendly, so older adults can even bring their pets and other aspects of their previous life to make the transition to living in a new space easier.
What are the downsides of living in senior cooperative housing?
There are some downsides to living in senior cooperative housing. While cooperative housing does provide many conveniences, residents will still need to attend regular building meetings to ensure that these conveniences are set up. They will also need to be able to work with other 55 and older residents to make sure that everyone’s opinions are heard. Another potential downside is that there is a rather large upfront cost to moving into cooperative housing for seniors, because you need to buy your way in. This can make cooperative housing inaccessible to some older adults. Finally, cooperative housing for seniors does not necessarily provide any living assistance, such as assisted living. Many seniors require assistance with daily tasks or help caring for their health problems, but unlike in a local assisted living facility, these services are not included in a co-op unless you set them up on your own or with the help of a home health care agency near you.
How much does senior cooperative housing cost?
Senior cooperative housing can be somewhat costly, so if it’s something you are interested in for the future, you should start planning ahead of time to ensure that your living costs fit into your budget. Senior co-op communities usually require an entrance cost, which is typically between $100,000 and $300,000. There is then a monthly fee, which goes towards the maintenance of the building. The monthly fees of cooperative housing communities vary widely depending on the amenities offered to residents. You can take out a mortgage on the initial purchase cost, although there are limited mortgage options available for senior co-op housing. If you choose to move out, you can then sell your space back to the co-op or to a new resident.
What is senior communal living?
Senior communal living is another housing option for seniors that is somewhat similar to living in cooperative housing, but has some major differences. In communal living, seniors do not buy or own their space. Instead, they pay rent to share a space with other seniors, usually either in a large house or apartment complex. While senior citizen residents in communal living are independent, they work together to make their space a comfortable place to live. For example, residents may help each other with cooking and cleaning, and they may have communal public spaces that they maintain together. Like in cooperative housing, seniors in communal living will organize social activities and clubs to participate in, and may host regular weekly or monthly meetings as well.
Who is a good candidate for senior communal living?
Senior communal living is appropriate for seniors who are able to live independently, but want the social and emotional support of living with other people. An ideal candidate for senior communal living does not have physical or mental health issues that need consistent monitoring, but can benefit from having other people around on a daily basis to lean on for support if needed. Seniors in communal living like being social and are available to help and chat with others, but still have some privacy and independence as well. Communal living is typically more affordable than a cooperative housing facility, so it’s more appropriate for seniors on a budget.
What are the benefits of communal living for seniors?
There are many benefits of communal living for seniors. The biggest benefit is that it gives seniors social connections that they might not necessarily develop in retirement. This can make retirement living much more pleasurable and healthier. Spending time with other people on a regular basis improves emotional and mental health, and can actually help seniors live a longer life. Communal living also ensures that seniors have a space that’s appropriately sized for their needs. Living in a large house can not only be lonely for seniors after their family has left, but it also can be difficult to clean and maintain. This can lead to safety issues over time. Since communal living residents work together to keep their space safe and clean, seniors don’t have to worry about the condition of their space in the same way.
What are the downsides of communal living for seniors?
While there are many benefits to staying in communal living, there are also some downsides for seniors. The first is that seniors in communal living may not have as much privacy as they are used to. If you’ve lived on your own for many years or even decades, it can be difficult to adjust to having other people around on a more regular basis. If you are concerned about privacy, it’s important to look for a senior communal living complex where you have your own space and have the option to be on your own when necessary.
The other downside of a senior communal living community is that you don’t receive any help with day to day tasks, the way you would in assisted living. For some seniors, this can be very difficult, because as they transition into retirement and living on their own, they need additional help with their daily responsibilities. If you are interested in communal living for seniors but need extra support during the day, look for a facility where you can hire extra help as needed. Finally, if you are still living with a partner or have a pet, you should look for a senior living community where you can live with your partner or bring your pet with you. While some communal living communities offer enough support for this, not all do, so it’s helpful to check ahead of time.
What is the cost of senior communal living?
Unlike senior cooperative housing, communal living is usually paid for as a rental. This makes communal living much more accessible for low and middle-class seniors. The cost of communal living varies widely depending on where you live and the quality of the housing. Larger senior living facilities or facilities with more amenities are naturally going to be more expensive than small senior living homes. The costs typically reflect the going rent costs in the area. Living with other seniors is one of the best ways to save money on rent or mortgages as well as the general cost of living.
How can I find senior cooperative housing or communal living near me?
There are many ways to find cooperative housing options for seniors in your area. Although cooperative housing is not completely widespread, it is becoming more and more common throughout the United States. The best way to find senior cooperative housing or communal living options for yourself or your loved one is to look online. There are many online directories where you can find housing options for seniors in your area, and you can sort by the type of housing available. You can use these resources to develop a short list of senior housing options, and then from there, you can contact the facilities to determine if they are a good fit for you.
Keep in mind that you may be able to save money by looking at senior communal living options in a different city or state. This is because costs of living vary widely by location, and the cost of communal living for seniors is usually correlated with the going rent costs in the area. Moving to a more affordable area is one of the best ways to save money on senior housing.
When choosing senior cooperative housing or a communal living facility, make sure you select an option where you truly feel comfortable. You should always make sure you visit the facility in person multiple times, and that you get to talk to other residents and management. The space should be clean, safe, and comfortable, and you should feel at home there. It’s also very helpful to look for a facility where you get along well with the other residents. This will motivate you to take part in the communal social activities available, which will make your experience living there more enjoyable.
If you’re unsure of what type of senior living to opt for, consider cooperative senior housing or communal living. This innovative type of living allows seniors to maintain their independence, while still getting the social interaction and support that they would find in an assisted living community. Cooperative senior housing is becoming increasingly common, so look for a community near you.