Many seniors struggle with bad joints, tired bodies, failing eyesight and serious illness. The homes they occupy are not accessible but they still want to stay in their own home or their own space.
Many of them do not have the income or the energy to make their space serve their needs, either. People reach a point in their lives when they can’t tolerate even the most basic repairs and remodels. They may not want to be bothered or are simply too ill. They start to want a landlord to take all that off their list of responsibilities. People who are older often resist change even when it might be beneficial.
It’s also a problem for people who have dementia in that they can function with the old and familiar, but any change confuses them into panic.
From an investor standpoint accessible rentals, condos and assisted living housing comprise a growing need and an opportunity for investment. Investors who are interested in this market can offer small, accessible living spaces to older people who are tired of trying to deal with homes that are too big and too uncomfortable for them to continue to own. What worked for them when they were raising their children may no longer meet even their most basic needs.
Investors in Senior and Handicapped Living Spaces
Their tiny baths are not only inaccessible, they are actually a danger if they fall. The kitchen is showing its age. The steps are a big problem. And many of these people never expected to be as disabled as they become over time. Their condition can change from functioning well to bedridden in the snap of a blood vessel or a single accident.
A person’s desire for a trouble free living arrangement might also motivate them to change to a different lifestyle, too. They might want simply to have more fun and less responsibility.
Sadly, too, many of the people who end up needing accessible housing are not old. They might be really young.
Serving this very large and growing market may include the construction of public housing for people with or without special needs. The morass of regulations might discourage some participants, but for those who are good at the irrational details it could be an opportunity.
Some investors might construct assisted living and skilled nursing care facilities which could serve customer’s needs throughout their process of aging. You can even get an assisted living loan through the SBA but if you can’t wait months, go the commercial bridge financing route.
Some hospitals have skilled nursing care facilities where patients who are too ill for regular nursing care facilities are housed and treated all under insurance, Medicare or Medicaid. These patients may have contagious diseases or other special needs that must be met somehow.
Many older people like to be in active retirement communities where they can have fun and participate in whatever they are interested in exploring. They may want golf courses, clubs, pools and other amenities that make their homes seem like they are actually part of a resort. These people tend to be wealthier, more educated and more active than other older people. Some of these more prosperous people would welcome on-call medical and security staff whenever they are needed.
Single women may want to be closer to others with similar interests, shopping and have a desire for a higher level of personal security in their homes.
Some people want a yard and some don’t.
The common ground between all of these people is that they need to be close to medical care, shopping, restaurants or communal dining rooms and other things they might need on a daily basis. Location may be the key to success.
The investment opportunities are there for the people who can traverse the regulations, needs and wants of their desired market and offer an attractive and/or essential product.