Perhaps one of the most famous groups in the world of co-ownership, the ‘Golden Girls’ of Port Perry are now considered the face of co-ownership in Ontario. As Ontario’s government pushes for alternative housing ideas to combat the housing crisis across the province, these four seniors came together and took advantage.
Step 1: Finding the Perfect Partners
Louise Bardswich was helping her mother move into a retirement home and, as she was crunching the numbers, came to the realization that she would not be able to afford a similar arrangement by the time she reached that stage in her own life. Her friend, Martha Casson, had a similar realization along with the shared belief that living alone or in a retirement home just wasn’t for them. They decided to embark on a journey to find like-minded individuals to join them in purchasing a house to live together in. Through numerous interviews, they found Beverly Brown and Sandra McCully.
Step 2: Creating the Financial Model
Each member paid $275,000 to buy-in for their share of the ownership costs. They spend approximately $1,500 per month which goes towards living expenses and maintenance such as groceries, cleaning and utilities. Ownership was split equally between the four.
Step 3: Creating the Group Agreement
The peace is kept by all members following their house rules. Any grievances between the women are written down and addressed, usually over a glass of wine. No one is to enter anyone else’s room without permission. Pets need to be approved and discussed and overnight guests are limited in consideration of the other members of the household. That’s not to say no one can bring in a partner. As long as they are compatible with the rest of the group and everyone agrees, they would be able to move in.
Step 4: Creating the Legal Agreement
The group prepared a comprehensive legal arrangement that covered all aspects of future possibilities. If one owner wants to sell her share or becomes unable to live in the house any longer, that person’s share will be sold at a price set by the seller. The remaining members must approve whoever comes to live in the house and, in the event they don’t approve a buyer, they have a year to purchase the house themselves. If that fails, the entire property will be listed and sold.
Step 5: Finding the Perfect Property
After a long struggle with the Scugog municipality, the four seniors were able to move into a newly renovated heritage house. Each member has their own private bedroom and bathroom. The house was renovated to accommodate the seniors. With wider doorways, an elevator, a ramped porch and a swim spa, there’s plenty of comforts and amenities for the women to age comfortably.
Conclusion
The Port Perry Golden Girls are now the face of co-ownership in Ontario. Their success has paved the way for many similar groups and is opening many people up to new possibilities in alternative housing arrangements. The retirees are able to save costs, live comfortably and enjoy each other’s company - an arrangement that wouldn’t be possible in a retirement home.