Seniors want and expect first-class services in a senior living facility. As more baby boomers sit poised for retirement, the need for senior housing continues to surge. But what factors go into the process of investing in assisted living properties? Today, both seniors and their families are searching for the same luxuries other multifamily properties offer, except with better amenities, care, and service than ever before.
Fortunately, the must-haves that many senior clients desire help to make a potential investment worth more in the future. By focusing on client experience, real estate investors will increase the likelihood of success in the senior living commercial market.
Senior Living Properties Offer Upgraded Amenities
Before you select or build on a property with the intention of transforming it into a senior living facility, it’s important to identify these added amenities first. Investors should seek prime real estate that provides flexibility in customization. Many successful senior homes now provide a wide variety of benefits, activities, and services.
Senior Living Centers Enhance The Dining Experience
To entice residents and establish a better sense of community, today’s senior housing facilities offer restaurant quality and service. Instead of cafeteria-style food and isolation, seniors will likely invite their friends and family to eat-in, rather than leaving the building to enjoy a quality meal. With a restaurant-grade kitchen, a senior living facility can offer both casual eating, and fine dining experiences. The more senior citizens feel engaged both in and out of the senior home, the more likely they will feel at home.
Senior Living Facilities Feature Outdoor Amenities
Many senior living facilities offer active residents opportunities to relax both indoors and outside. Providing outdoor activity areas can help attract seniors of varying age groups who otherwise may feel apprehensive about signing up. By building or locating structures close to outdoor trails and sidewalks this can allow residents to exercise and enjoy nature. Also, courtyards and small gardens can provide outdoor leisure or can engage the community to come together to plant and care for garden areas.
Senior Living Centers Engage The Residential Community
Seniors are more interested in housing facilities that provide engaging daily social activities and events. This is because many seniors worry they will lose their daily routines and relationships when relocating to a senior living facility. Investors should consider facilities with conference rooms and small auditoriums to hold activities such as movie nights and games. Similarly, senior housing centers can foster community with programs that showcase authors, musical performers, and speakers. Because not every facility can build every amenity investors can circumvent this concern by providing routine transportation services to nearby shopping, restaurants, and downtown areas.
Senior Living Properties Provide In-House Medical Expertise
As most seniors move into homes based on their need for assistance, a senior living property must have high-quality, easily accessible care services. Whether clients live independently, need occasional assistance, or require daily nursing services, offering medical services such as physical therapy, urgent care, and memory care will grant seniors comfort in their new residence. When building or searching for senior housing properties, it’s important to map medical services at the front of the building, allowing senior residents easy accessibility to these services. Also, offering physical therapy services will increase the likelihood that senior residents will remain diligent with their exercises, thereby leading to a higher quality of life. By providing quality nursing services, a senior housing facility can help take care of health concerns ranging from the common cold to medical emergencies. Furthermore, the inclusion of a memory care unit allows these facilities to retain clients should they need to move from an independent lifestyle to one that requires day-to-day assistance.
Investing In the Right Senior Living Property
When focusing on senior residents’ needs and expectations, real estate investors can discover properties that offer beneficial services to it’s residents while providing a commercial structure that can yield a higher return on investment. When the investor must-haves align with the client must-haves, both parties prosper.
Curious what type of mortgage would be the best fit when making an investment in a senior living project? The renowned group of lenders and originators at Hunt Mortgage Group can provide information, advice and investment strategies to secure senior living properties. Contact Hunt today!