Are you considering developing Senior Housing?
The need for senior housing facilities is greater than ever before, investment specialists are seeing a massive increase in development and construction of assisted living and memory care facilities.
Inexperienced or new investors getting involved in the senior housing business should be aware of the amount of work and qualified people necessary for a successful development project. Assisted living properties require a team of highly trained specialists to get them out of the ground and make them profitable senior housing investments.
Find a Talented Architect
With so many senior housing sales occurring and the large number of investors seeking to buy assisted living facilities, having a building that is both functional and attractive is necessary to compete going forward. It becomes a priority to find an architect and design team with ample experience building senior housing facilities.
Prepare yourself first by visiting other facilities. They should include assisted living facilities for sale, facilities under construction and those already well into their operational years. Make note of what you like and what you dislike, what works well and what you would rather do differently. All of these notes should be integrated into the final project you wish to develop.
Choose the Right Developer
The architect and developer work hand in hand. They are the two people who will either make or break the development. For this reason, you, the architect and the developer must have strong working relationships. Typically, your architect will know and recommend some developers with whom he or she works well with.
The developer you choose should have a strong track record of past successes. It is critical that both the developer and architect not only work symbiotically but also are experienced in this sector.
Interview your architect and developer extensively. Have questions ready beforehand and consult your architect on what he or she would also like from his or her developer.
The right developer should be confident, competent and organized. He or she should be able to handle any situation that may arise during the actual development process while staying within budget and within the timelines you’ve set.
Locate the Site for Development
Once you have found your ideal site for development, you can start the design process with your architect.
The entitlement process can be lengthy, dependent on the city. You can limit variables that slow down this process by having an architect who has done this before, avoiding easy caveats and pitfalls.
Each city has different codes and regulations. Your architect should be familiar with these codes and ensure that the facility you want to build complies.
Once the entitlement process is complete and loans are in place, the developer then begins the development.
The JCH Group for Senior Housing Investments
There is nothing simple about the senior housing industry or starting new construction. To make your senior housing investment foolproof, we at the JCH Group have a team of investment specialists and resources available, helping make your decision to buy or develop healthcare properties an intelligent one.
For your free business valuation or answers to questions about senior housing facilities, contact us at the JCH Consulting Group.