- You can still live in a house and have equity that remains part of your estate and is passed on to whomever you choose.
- You are living with people who share common interests.
- You won’t be lonely or depressed.
- You can still have a garden, have a hobby, entertain friends and family etc.
- You can still travel. Go to Florida for the winter if you want.
- Have a job if you want or need.
- You can still live with your spouse.
- You have control of your life and have a say in what happens around you.
- Most of all, can cost up to 85% less than living in a corporately owned “old folks home”.
- Each unit will represent approximately 25% shared ownership, depending on the square footage.
- Each deed of ownership is tenants-in-common which means it can be sold, transferred and become part of a person’s estate, NOT passed on to the other owners as in joint ownership.
- When a person (or persons) purchases a unit they agree to the “house rules” which includes everything from pet ownership to who can buy your unit when time comes to sell. Each unit, not person, has a single vote. This is a democratic household after all!
- As we are still in the preliminary stages, each house may or may not be themed. In other words, if interest is there, it can be a house that accepts residents of Rosseau area, or artists, all females, or ex-circus performers!
- Initially we’ll be looking for buyers at a similar stage in their life with similar needs. It may be four healthy, independent individuals. It could also be four individuals and a couple who need some assistance with maintenance, cleaning or meal preparations. Interest from the public will guide the initial setup.
- Here’s a simple example as to why this is cheaper. We all know that one of our biggest expenses here in Ontario is Hydro! So, you will only pay a fraction of the bill. Same goes for heat. Or, if a gardener or cleaning person is needed, instead of paying $20 dollars upwards an hour, you are paying $5. Snow shovelling? Only a percentage. As the needs and expenses of the household increases, they are shared by the users. If only two people need special care then the costs are 1/2. But again, it’s a democratic household. You vote on what’s needed. Shopping, cooking, cleaning or personal care.
- Who decides who buys into the house? At the beginning, the first person to buy in decides who the second person is. Then they agree upon the third and the three decide on the fourth. Remember, there are house rules that are legally binding. But as a group, you can vote to change the rules. YOU AND YOUR HOUSEMATES ARE ALWAYS IN CONTROL OF YOUR LIFE, NOT A CORPORATION. (NOTE: Four friends may want to buy the four units initially. This is the best possible way of knowing who you are living with!)
- There are three possible ways of becoming a tenant. First, if you have the funds, you buy your unit outright. Second, if you have only a down payment, we may be able to arrange financing. Third, you rent your unit. Again, the house rules will say whether rentals are possible and to whom. YOU ARE IN CONTROL of your life.
- Yes, a third party, an investor can buy a share, but they too must abide by the house rules. This is an ideal, controlled and inexpensive way for children to purchase a unit and have their parents live in it.
- Will value of the unit increase? Yes. Supply and demand will control the future price, but remember the purchaser must always comply with the house rules. Plus, you don’t buy this to make money, it’s to save money and not outlive it!
- What is the non-profit R’CAP’s future role? R’CAP’s role is only the initiator. Our goal is to ensure that the units, when initially sold, are AFFORDABLE. We are applying to Canada Housing and Mortgage for funds to help with the initial setup costs. Governments on all levels are fully aware of the challenges that an aging population presents. Shelley and Solterra Co-Housing has been working on the format for several years and the government sees this as one solution to the challenge. We also have access to care providers willing to work with our project when and if the need arises.
- What is the cost of a unit? The final price is yet to be decided. It will be affordable based on the final design, square footage etc.
- When? ASAP!
Each unit or share will eventually be offered on MLS.ca if needed. As we are still at the design stage, initially we are looking for interested parties who can share their needs, wants and desires. This is not a commitment to buy. We will ask you to fill out a confidential, online information form. Once our final designs are completed, those who initially show interest will have the first chance to buy. A refundable deposit will be required that is put into a trust account. ALL PURCHASES WILL BE GOVERNED BY THE RULES AND REGULATIONS OF THE BBB, REAL ESTATE COUNCIL OF ONTARIO, and TARION (Ontario New Homes Act).
Live long and prosper!