Would you consider shared housing later in life?
<p>Renting in a share house is almost a rite of passage for many young Australians. You know the story — the property is a bit run-down, and it’s messy and unkempt but fantastic memories are made day after day.</p>
<p>As we start families, we tend to seek more privacy and a home of our own, whether that’s through renting or a mortgage.</p>
<p>Unexpected events can always occur though, and as a result some of us have to give up the independence and privacy of our own home to stay afloat.</p>
<p>“When there has been some sudden change — divorce, death of a partner, loss of a job — it can force people into [moving back into shared housing]. It can be a stressful time,” says Andrew Colagiuri, a real estate agent and founder of Bright Residential.</p>
<p>However, moving into a share house in our later years isn’t necessarily a tragedy for our independence, and it may well be the opposite for our financial wellbeing.</p>
<p>For some people, once the kids have grown up and moved out, moving out of the empty nest and living with others again can be an option.</p>
<p>“Shared housing isn’t a new concept for older Australians — they practically pioneered it in their youth — but many never thought they’d be back there looking for flatmates in their 60s,” says Colagiuri.</p>
<p>In fact, the popular flatmate-finder website Flatmates.com.au has recorded the 60 to 64-year-old age bracket as having a 43 per cent growth in usage, followed by the 50-54 and 65+ brackets.</p>
<p>Kathryn Daddo is a product of this growing trend, having moved into a shared housing situation with her sister later in life to try and live more comfortably. She wanted to move from full-time to casual employment and found that moving from her long-term rented home was the best way to do this.</p>
<p>“The rent was just ridiculous. By the time I’d finished paying it, I had only a small amount to live off and pay for incidentals … with the opportunity to move in with my sister, I can have a better lifestyle and I don’t have to work to live,” says Daddo.</p>
<p>There has been a gradual increase in the number of Australians in private rentals as outright home ownership falls. In 1992, there was a nearly 15 per cent disparity between the two, whereas the 2016 census found that these days, 30.9 per cent of Australians rent — almost equal with the 31 per cent who own outright.</p>
<p>“The number of Australian homeowners has been falling for three decades now, with many destined to become ‘permanent renters’ which will have a domino effect leading to flatmates of all generations,” says Colagiuri.</p>
<p>As well as the financial benefits, moving back into shared housing can also have a positive impact from an emotional and mental health perspective. Living alone in your later years can be a difficult time if you don’t have regular social interaction.</p>
<p>“It’s very lonely living alone — you come home and talk to the walls … I’ve got other people my age who say, ‘I wish I had a sister like you do’ because it’s just an ideal situation for me,” says Daddo.</p>
<p>The most important thing for those considering moving back into the shared housing market is to find someone you’re compatible with in a living situation. Similar interests, activities and lifestyle will make the transition especially beneficial.</p>
<p>It’s also important to note that this trend isn’t just occurring in the swelling property markets of capital cities, but all across Australia.</p>
<p>Daddo’s rental situation was in the Hawkesbury region of New South Wales, for example. “It’s all about supply and demand in these areas … I have heard of many people in rural areas being priced out due to a local mine or development taking off and forcing a rapid increase in house prices and rental prices,” explains Colagiuri.</p>
<p>For some of us, revisiting living with flatmates also means having to relearn a fundamental childhood lesson — how to share with others.</p>
<p>At the end of the day, whether this will suit you comes down to a balancing act between personal privacy and financial benefit — you’ll have to sacrifice one for the other. While she stresses it probably isn’t for everyone, Daddo says we shouldn’t underestimate the opportunities moving back into shared housing provides.</p>
<p>“It’s certainly something that’s worth having a go at, because having the company and just being able to do the things you what to do is really beneficial at this stage in life,” she says.</p>
<p><em>Written by Jamie Feggans. Republished with permission of </em><a href="https://www.wyza.com.au/articles/property/would-you-consider-shared-housing-later-in-life.aspx"><em>Wyza.com.au.</em></a></p>
