Guide to Downsizing During Retirement: Should I Rent, Buy or Enjoy the Benefits of Both in a Co-Op?September 21, 2023
When it comes to choosing a place to spend your retirement years, many people assume they’ll simply stay in their current home until it’s time to move into an assisted living facility. However, today’s senior housing landscape brings newer, community-focused options for those retirees and empty nesters who want a simpler and more convenient lifestyle — while still maintaining their independence and pride of ownership.
Many traditional retirement communities offer amenities and services, but they often take a one-size-fits all approach. Co-operative housing, or co-ops, present a compelling alternative with unique benefits that cater to the needs, finances and lifestyles of active retirees.
Financial Advantages Over Traditional Senior Living
Co-ops offer retirees a financial advantage similar to traditional homeownership. Unlike renting in a typical retirement community, co-op members enjoy:
- Pride of homeownership
- Equity options crafted to suit their price point
- Ability to deduct their portion of the co-op’s mortgage interest and real estate taxes on their state and federal tax returns
Co-ops also operate at cost, ensuring lower monthly member fees and allowing members to make the most of their retirement funds.
Community-Shared Decision Making
One of the key strengths of co-ops lies in their strong sense of community and shared decision-making power. In co-op communities, the people have greater control over their living spaces and shared amenities.
Members also have a participatory say on community spaces, landscaping and monthly membership fees, as well as independently managed clubs and events that create a sense of belonging and collaboration among members.
Convenience & Simplicity at Your Doorstep
Co-ops offer a level of convenience and simplicity to active, older adults that traditional retirement communities lack. Designed with a walkable layout and everything you need right on site, co-ops make daily living hassle-free and enjoyable. Residents have access to a range of in-demand amenities and services, fostering a comfortable and stress-free retirement lifestyle.
Personalized Customization of Your Home
Choosing the right co-op will allow retirees to customize their living spaces without starting from scratch. Whether it’s picking your interior finishes or adding personal touches, co-ops can offer the flexibility to create a space that truly feels like home. The best co-ops provide a balance between high-end living and the freedom to make your space uniquely yours.
Built-In Social Network
Co-op communities often come with a built-in social network, providing a welcoming environment for fellow members, family and friends to gather in dynamic community spaces. These spaces encourage social interactions, making it easier for residents to create lasting friendships and enjoy a fulfilling retirement surrounded by like-minded individuals.
So, Is Senior Co-Op Living for You?
An Ohio State University study on senior cooperative housing found that co-op residents felt a positive effect on their lives in the following areas:
- Ease of maintaining home (93%)
- Ability to live independently (84%)
- Personal safety (82%)
- Life satisfaction (80%)
- Access to activities and entertainment (77%)
- Happiness (77%)
- Amount of contact with friends (77%)
- Personal privacy (67%)
- Physical health (63%)
This convenient lifestyle brings both physical and mental benefits that last a lifetime.
The Artessa Difference: Discover the Art of Living
The benefits of co-ops over traditional retirement communities are already quite impressive, but there is one specific community that takes these advantages to the next level: Artessa.
Artessa co-ops stand out for their commitment to providing a convenient and active adult retirement lifestyle for empty nesters aged 62 and better. With their growing presence in Minnesota and future expansion planned for Scottsdale, Arizona, Artessa co-ops offer a unique combination of prime locations with ample indoor and outdoor amenities.
Artessa co-ops embody the best of co-operative living, offering not only financial advantages and maintenance-free living, but also a sense of community and ownership. For active retirees seeking a fulfilling and enriching retirement lifestyle, Artessa stands as a shining example of how co-ops can be a game-changer compared to traditional retirement communities.
Learn more about how Artessa has perfected the art of cooperative living, and contact us to reserve your home-to-own in our upcoming Minnesota and Arizona retirement co-ops.