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How to Build Senior Apartments
According to a report by the U.S. Senate, there are 76 million "Baby Boomers" aged in their 60s retiring in the 2010s. The economic landscape of the United States will change during this period.Savvy business investors look for demographic shifts to make entrepreneurial plans. One potentially profitable endeavour to consider is that of senior housing. Building senior apartments that meet the many needs of this demographic will require some careful planning, but, given the population shift, may be worth the consideration.
Step 1
Draft an impressive business plan that lays out the business model for your senior apartments. Explain clearly and statistically your cash flow including startup costs. Lists expansion plans, potential liabilities and other business concerns that demonstrate that you have done due diligence in planning this venture.
Step 2
Create a business entity and register it with your state's Secretary of State's office. Create an Employer Identification Number at the Internal Revenue Service website at IRS.gov that you will use to set up a business checking account and for hiring purposes.
Step 3
Evaluate your community for a location for your apartments. Look for as flat an area as possible with access to a major road or highway. Consult with your local planning and zoning board for possible locations.
Step 4
Contact architects and a general contractors who specialize in senior apartments. Meet with each professional to develop a plan for the community layout. Include a recreational facility such as a meeting room with pool tables and a large television. Include one unit for apartment management.
Step 5
Contact lenders specializing in multi-unit housing and present your business plan and blueprints. Search for lenders with experience in government programs such as the Department of Housing and Urban Development's Section 8 program to help verify your business model will qualify for subsidized housing. Check with a HUD field office for further details.
Step 6
Build your apartments as per your plan. Hire an employee to manage and oversee activities for the apartment complex. Use free housing and utilities as an incentive to accept the position.
Step 7
Consider offering assisted living arrangements within your complex. Consult with local hospitals and medical corporations for contractual options for this service.
Step 8
Contract for lawn maintenance and snow or ice removal services. Set up repair arrangements with your contractor or a handyman of your choice.
Step 9
Request an attorney specializing in multi-unit housing to draft a long-term lease agreement for you to present your clients. Consider sidewalk and yard maintenance as well as management labor in calculating your lease rate.
Cornwall Sports Getting $5M Boost
Sports fans in Cornwall scored a big part of the infrastructure money announced for P.E.I. on Thursday. Close to $5 million to improve sports fields and the civic centre were part of the $100-million allotted to the province.
The plans include new baseball and softball diamonds, two tennis courts and a space for beach volleyball to go alongside soccer and football fields next to Eliot River School. Physical education teacher Mark MacDougall is looking forward to the new facilities.
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