Renting your home to an assisted living facility can be a rewarding and profitable venture. It provides a valuable service to the community while also generating a steady stream of income.
By the year 2035, it’s projected that there will be more than 78 million people ages 65 and older living in the United States, up almost 60% from the 46 million in 2016, according to population data.
Every state is expected to see massive growth as baby boomers age into retirement, but none will see an increase quite like California. By 2036 the state will see more than 10,000,000 people 65 and older which comprises about 23% of our population.
This is why many property owners are starting to transition from renting to families, to renting to Assisted Living Facilities.
Understanding Assisted Living Facilities
Before you can rent your home to an assisted living facility, it's important to understand what these facilities are and what they entail. Assisted living facilities are residential homes that provide care services for seniors who cannot live independently but do not require the intensive care of a nursing home. They offer assistance with daily activities such as bathing, dressing, medication management, and meals.
Assisted living facilities can range from small, residential homes to large, apartment-style complexes. They can be privately owned or operated by non-profit organizations. The level of care provided can also vary greatly, from basic assistance with daily activities to specialized care for residents with conditions such as dementia or Alzheimer's.
Preparing Your Home
In almost all cases you will need to prepare your home to meet the proper ADA requirements. This will likely involve making modifications to ensure that it is safe and suitable for the senior residents. Some of the common modifications include installing grab bars in the bathrooms, widening doorways to accommodate wheelchairs, and installing ramps or lifts.
It's also important to consider the comfort and convenience of the residents. This might involve creating communal areas where residents can socialize, providing private rooms or spaces for each resident, and ensuring that there are adequate facilities for meals and activities.
If you are curious about how much modifications will cost for your property please contact us directly and we can answer all of your questions.
Finding the Right Assisted Living Facility
Once your home is ready, the next step is to find the right assisted living facility to rent it to. It is important to do your due diligence and ensure the facility will provide a high level of care for the residents and that they will be a reliable tenant.
However, because of the booming demand Assisted Living Facilities are facing, most facilities are already actively reaching out to property owners. It shouldn’t be too hard to find a long list of facilities looking for the opportunity to expand.
Some of the factors to consider when choosing an assisted living facility include their reputation, the level of care they provide, their financial stability, and their management team. It's also a good idea to visit the facility in person to get a sense of their operations and to meet with the staff and residents.
Final Thoughts
Renting your home to an assisted living facility can be a rewarding venture, both financially and personally. However, it's not a decision to be taken lightly. It requires careful planning, a thorough understanding of the legal and regulatory requirements, and a commitment to providing a safe and comfortable environment for the residents.
With the right preparation and the right partner, you can turn your home into a valuable resource for your community and a source of steady income for yourself. If you’d like to learn more about how you can remodel your home to become an Assisted Living Facility please contact us directly.