Commune living for 65 years and older
Recently, I had discussions with some people in the mid 50’s about future living arrangements. A line of discussion came to the old commune format of living. As we discussed this idea further, we realized that if there were 3-5 people who lived together in one home, total household expenditures could be shared with each other. Even though we know that in a group, usually one or two people do the work of most of the others, this cooperative relationship is more affordable for those who have limited retirement incomes. A commune format of sharing expenses and responsibilities could help offset retirement expenses and provide a little dignity & responsibility for those over 65 years of age.
Thoughts on communes for 65 & older communities – designed more like a condominium form of ownership:
1. Person A buys a home for $200,000 – sells/leases to Age 55 or older in a trust/condo form of ownership.
2. Total occupants = 5 – each has an unfurnished 1 bedroom – 1 bathroom arrangement.
3. Optional finance plans for 1 bedroom and kitchen/yard privileges include:
(A) Charge flat $50,000 for life (20+ years), or
(B) $400/mo for life. (12x400=$4,800/year)
4. Nominal $50/month charge for
(A) maintenance to property includes painting, plumbing, electrical, roofing, HVAC & other repairs;
(B) household improvements landscaping;
(C ) replacement of appliances (dishwasher/stove/washer/dryer)
5. Eviction is possible if payments are not made.
6. Administrative household structure
(A) forecasts expenditures & outlines budgets
(B) evaluates contractors & administers budget
(C ) develops rules & privileges of residents (e.g., pets/housekeeping/yard/family room/kitchen, etc).
(D) ability to fine residents
7. Residents are still responsible for food, clothing, transportation, medical, etc.
8. Ability to sell or transfer ownership to another 65+ individual in need of a residence.
posted by Broker's Blog @ 4:05 AM
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