How do you downsize without compromising your vibrant, socially-oriented lifestyle? How do you ensure your retirement housing arrangement remains easily affordable? Where can you immerse yourself into a supportive community?
For many Boomers, cohousing communities can be an attractive answer to these questions. But cohousing isn’t the only option. In this blog, we’ll introduce you to the Carpe Diem model, a new housing choice that has all the benefits of cohousing, plus greater freedom and a more accessible market.
By understanding how Carpe Diem differs from traditional cohousing, you’ll be better able to evaluate your options as you plan the next phase of your life.
What is Cohousing and What Are its Benefits?
Diversity, community, sharing, and support are core to successful cohousing. By creating shared common spaces, the model helps both the community and the economy flourish.
We know from the research that loneliness can have serious consequences for health. The communal nature of cohousing is one way to reduce social isolation—leading to a healthier community, especially as its inhabitant’s age. Intergenerational cohousing communities go one step further by boosting interaction and sharing across generations.
Most cohousing situations are driven by a committed group of individuals who combine their talents and foresight to bring the vision to life. Browsing the Canadian Cohousing Network’s website is a great way to get a sense of what this can look like. Based in Sooke, BC, the site profiles different Canadian cohousing developments at various stages of planning and completion in hopes of inspiring similar initiatives in future.
Where Might Cohousing Fall Short?
Despite all the benefits of cohousing, it falls short in some important ways.
For example, many cohousing options require a long-term commitment from residents. Because the market isn’t open or accessible, it’s difficult for these investments to accumulate real value. This makes it challenging for residents to exit the arrangement if their circumstances change. In many cohousing situations, moving out requires more than simply listing and selling your interest.
Member obligations to the cooperative can also deter potential buyers, narrowing the market even further. As a result, both the investment and the potential value gain of the real estate can become suppressed.
What is Carpe Diem and How is it Different?
Carpe Diem is a new housing model that brings together intergenerational living communities to live, share, and play. It provides all of the benefits of cohousing, including affordability, community, sharing economy, and more.
But there are two key perks that set it apart from typical cohousing communities:
1. Boosting Marketable Equity Gain
Carpe Diem provides an opportunity for community members to gain marketable equity, while still retaining the freedom to sell and change their living arrangements easily. This makes the model an ideal option for Boomers who have accumulated wealth by owning real estate earlier in life. They may wish to continue to invest in an open housing market.
Like many retirees, you may be experiencing some concerns about your future. You might be wondering whether your health will change, or deciding on long-term living arrangements. Will you stay in the building you’re living in now? Or even in the same city? With so much uncertainty about what’s to come, having the flexibility to leave your housing situation can make all the difference.
2. Improving Family Wealth Management
Unlike cohousing, Carpe Diem allows families to channel their wealth for the benefit of the next generation. It also offers security for older residents as they move toward an uncertain future.
How does it work? At Carpe Diem, parents can help their children get a foot-hold in the real estate market with a rental buy-down loan investment. This option is both more secure and more flexible than providing a down payment for an outright purchase.
Conclusion
Retirement is an exciting new stage, providing you with the freedom to design the lifestyle you want. By educating yourself on Carpe Diem’s model, and on cohousing, you’ll be ideally positioned to make the housing decision that’s right for you.
Think Carpe Diem might be a fit? Sign up for our email list to stay connected to our community.
Over to you! Do you have experience with cohousing? What are your thoughts on a cohousing-type living arrangement? Let us know in the comments below.