An assisted living facility or something along the lines of elderly care might be a lucrative investment option in the coming years. For one, there is a demand for senior housing, especially since the number of Americans in the United States aged 65 and older is projected to double by 2060.
If you own a residential property and think of ways to profit from it, converting it into an assisted living facility for seniors might be a profitable idea. Here are some things to consider when going through this process and some pointers for making it happen as smoothly as possible.
Check local zoning laws and your state regulations
Local zoning and housing laws and requirements vary from state to state and city to city. It’s easier in some towns and harder for others. To know if you are allowed to even convert the property into an assisted living facility, make sure to contact your local zoning department to gain a keen understanding of their requirements and rules for doing so.
After you’ve checked with zoning requirements, you can now inquire about building codes. Every local municipality has them, and they help you determine how you will set up and renovate the facility. They will help you identify if you need something like a commercial kitchen and how you can keep the building as fire-safe as possible.
These are just some considerations you need to think about and do your research on. You never know if the local fire code would require you to have a full-restaurant-style hood vent, especially since you’re converting the property for commercial use. You want to ensure that you’re doing everything above board from the very beginning of your facility, so make sure to abide by every rule and regulation you might come across.
Secure the funding
Even if you think the residential property is already the best it can be, you would still need to secure enough funding since you would have to make physical changes to it. You need to invest in ramps, more beds, and maybe tear down some walls to make more room for tenants.
You would also have to hire qualified clinical and support staff, especially since state law requires you only employ licensed and skilled people to do this work with you. Expect that it might take a minimum of six months before you even see yourself breaking even. Partner with a contractor who has experience with this line of work to make the transition seamless for everybody.
Champion compassion in your branding
While every business needs to make a profit, we live in a time when consumers care about a brand’s messaging and reputation. If you build your assisted living facility upon the premise that you’re doing it to care for those who need it the most, families might be more inclined to trust you instead of your competitors.
Hire marketing specialists who use tools like SEO for home care so that you can gain an advantage in the market share. They can help you engage families in the area that are looking for an excellent senior care facility, and they can help turn that engagement into sales.
Hire the right staff
When you’re at the stage of getting your facility off the ground, you might not need all kinds of healthcare professionals off the bat. You can start with a single nurse and then scale up by following staff-to-patient ratios according to your state’s requirements.
The types of healthcare specialists you need to hire will depend on the needs of your patients, so you might find yourself partnering with physicians, orthopedic specialists, therapists, nurse practitioners, nutritionists, recreational activity specialists, and others.
What is the thrust of your facility? Is it a type of home care, assisted living, or senior living? Find out the needs in your community and consider choosing it as your facility’s main priority—this is where your market research and analysis will come in handy.
Consider going back to school
More than just the business owner, you would also be key in making decisions and managing a medically adjacent facility. Consider going back to school to take up healthcare administration and other related courses in management so that you can learn the theory behind the practice.
Caring for our elderly is a noble endeavor and one that will have plenty of demand for the foreseeable future. If you are also a real estate investor, consider turning one of your homes into this kind of facility—and you might find yourself doing well by doing good for others.
