100 Perry Street - Shared Home Ownership

About Us

We are four women (born 1944 to 1951) who have come together to renovate and purchase a home in downtown Port Perry.  We were all motivated to find an affordable and palatable plan for our senior years.  Sharing expenses gives us the affordability we seek.  Fearing that we might live a long time, none of us feel that we could afford a retirement home even if that was the option we liked.  We also didn't like the idea of our children having to look after us - either financially or physically.

Our other motivation was to find a "safe" way of aging in place.  We recognized that living alone meant that someone would have to check on us regularly to make sure that we hadn't had an accident.  We're also pretty aware of the research on the health costs associated with loneliness.  So this option appealed for social and safety reasons as well.

Essentially, we have each managed to buy a house in walking distance of shops, groceries, banks, the lake and library for well under $300,000 each - in a town where the average house price is at least double that.  While we haven't been here long enough to have exact figures on our monthly costs, the $1100 per month that we are each contributing to the "house pot" more than covers our bills (taxes, utilities, cleaning service, internet, etc), leaving some savings towards a contingency fund that we hope to build up over the years. We may be here long enough to need a new roof!

We take turns making our main meal of the day with the person cooking also planning and shopping for the meal.  The rest of us clean up afterwards.  We share the cost of groceries and no one gets to say "that's my yogurt". 

Things are going well.