Homesharing is not necessarily new, but for Canadians it's just recently grown in popularity as an alternative living and lifestyle option. As our population ages, many people are looking for a financial solution that would allow them to remain at home, in their home, for longer. Others would like some help around the house or need extra income to continue with their current lifestyle. Homesharing is a solution to these scenarios and many others. Here are some of answers to the top questions we receive about homesharing.
Question 1: What is Homesharing?
Homesharing is as it sounds – a homeowner offers space in their home to a housemate. While every home share arrangement is unique there are two main types:
Task exchange – Extra help around the house in exchange for subsidized rent.
Supplemental Income – Housemates stay as a permanent resident in exchange for rent.
At HomeShare Alliance, we provide services for both types of home share arrangements.
Question 2: Is a Homeshare Agreement a Rental Lease?
No. Home sharing does not fall under the Residential Tenancies Act. Since the homeowner is sharing the kitchen with their housemate, this is a different type of relationship. The homeowner is a 'licensor' and the housemate is a 'licensee.' You can learn more at Community Legal Education Ontario.
There are important differences between a home share agreement and a rental agreement. For this reason, it's very important that you sign a written agreement before sharing your home or moving in. We call this agreement a HomeShare Agreement. You should include a number of things in this agreement, including what will happen if you want to move out or if the person you rent from wants you to leave. As part of our services we help homeowners draft comprehensive HomeShare Agreements and walk homeowners and home sharers through the intricacies of their arrangement.
Question 3: Is Homesharing Only for Older Women?
There is a myth out there that home sharing is only for older adults, mainly women. That may be because the T.V. show "Golden Girls" (which we love, by the way), popularized this living arrangement. Home sharing does provide many benefits for older women, and for homeowners of all ages and genders! Men, single parents, retirees and working professionals can also benefit from the financial security and companionship that home sharing provides.
Question 4: Is Homesharing Safe?
Finding the right housemate is important in any successful homeshare arrangement. At HomeShare Alliance, we carefully screen and match potential applicants – both homeowners and housemates. Our screening process makes homesharing a safe option and makes it easier to find the right person to share a home with.
Question 5: Is Home Sharing the Same as an Airbnb?
No. Airbnb is a vacation rental company that connects homeowners with short-term rentals. At HomeShare Alliance, we focus on matching homeowners and housemates who are looking for a long-term homeshare agreement.
Do you have other questions about homesharing? We'd love to answer all your questions – feel free to reach out to our team anytime for information, advice or help navigating the world of homesharing.