100 Perry Street - Shared Home Ownership

IN LOVELY DOWNTOWN PORT PERRY oNTARIO

We will share our experience

 

We intend to use this website to document our process.  We may not always have it right up to date, but if you have questions, just contact us. 


IS THIS YOU?

If your situtation mirrors any of these, you might want to consider co-housing.


“I am 63 and did not think about shared living until recently when my financial advisor did some math with me. I live alone and spend over $1500 a month to maintain my modest home. My home is my main asset and I have a small pension. The advisor said that holding on to my home for too long will make me “house poor” and when I eventually do sell, I will deplete my home equity within 15 years. I plan to live beyond 15 years and so I need to think about another kind of housing.”

more....

All of the co-owners are now committed.  We have a new design and construction has begun.


Four  women have come together to buy a house together right in the heart of Port Perry.  We have planned this renovation with the intention of "aging in place".  We expect our monthly expenses to be less than $700 each - $1000 with a generous allowance for a cleaning service.   We have all freed up some of the equity in our old homes, for things like travel, helping our kids, etc.  We still have a 25% ownership asset that can be sold when we move on.   Add in the benefits of companionship, worry free travel and safety and we're all pretty excited about this project.

legal framework

 

The house is owned under a tenants-in-common framework and all owners have signed a bindinglegal agreementthat will spell out how one goes about buying or selling a share.

Questions & Answers

 

Our thinking so far.....

Costs

Toronto Rehabilitation Connection

The Toronto Rehabilitation Institutehas offered expert advice in order to help make 100 Perry Street particularly comfortable and functional for seniors and others with disabilities.  more.....