Dear David,

My sister and I are both about to retire. Each of us is living alone, but we are thinking about moving closer together, or even sharing a home. I’m very organized and she’s very handy, so I think we’d do well under the same roof. What are the pros and cons of this type of arrangement? Should we buy a property together, or just get places within walking distance? – SUPER SISTERS

DEAR SISTER: This a powerful arrangement that can work beautifully if you think through the angles before you commit. By combining resources, supporting each other, and creating a built-in partnership for the years ahead, aging in place becomes much more manageable. When one can no longer drive, the other is there. When neither of you can, it’s one Uber to the store instead of two households trying to figure it out. There is comfort in these efficiencies. Pooling resources can also open doors. Together you may be able to afford a better location, a more suitable layout, or a property designed with long-term living in mind.

If you purchase a property together, a written agreement that outlines the ownership structure can help you manage long term concerns. For example, if one of you were to “graduate to glory”, you could establish that her share of the ownership would go to her estate, while the remaining sister would have the right to stay in the home as long as she wishes, without pressure from the estate to sell. This clarity protects both sides.

Alternatively, you could build in a predetermined buyout clause, which is a fair and manageable formula that allows the surviving sister (or the estate) to settle things without stress or conflict. The key to success is putting these things in writing upfront, so that everyone (family included) clearly understands what the two of you have agreed upon.

Great relationships can sometimes feel different when you share day-to-day living space, and it’s unlikely you and your sister will agree on everything. If you are unsure about the arrangement or have concerns about living together, you may want to gravitate towards a middle ground.

The condo lifestyle is absolutely worth exploring. It removes the burden of property maintenance, gives you more time to enjoy this stage of life, and is often designed with accessibility in mind. Freehold homes in close proximity may also be worth a look, as two townhomes on the same street can offer the best of both worlds: you’ll be close enough to support each other daily, can maintain your own space and independence, and still do things like hire someone to cut both lawns or clear both driveways, which lets you share efficiencies without sharing a roof.

PRO TIP: At the end of the day, your idea is a strong one. The key to success is deciding how much togetherness works for you and building from there, so your plan can serve you well no matter what life brings.  #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.