How to Own an Assisted Living Center
It has become fashionable for seniors to leave behind large houses and rooms full of possessions to start a new chapter of their lives in an assisted living facility. These residential settings serve as a great bridge between independent living and nursing homes. Residents can enjoy a lifestyle that includes socializing with like-minded neighbors but does not include many housekeeping responsibilities. Borrow great ideas from existing assisted living facilities and you'll be ahead of the game.
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Things You'll Need
- Operational guide
- Contractors
- Budget
- Funding
- Licenses and permits
- Staff
- Insurance
- Security system
- Americans With Disabilities Act modifications
Instructions
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Purchase a comprehensive manual covering all aspects of assisted living facility ownership. Look for one written for entrepreneurs who have no previous experience in this business so everything is spelled out---from legalities to operational methods. Access the link below to find titles of typical owner's guides.
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Draw up a budget that takes into account the type of construction you plan to undertake, whether building from the ground up, refurbishing an existing ALF or reconfiguring a building formerly used for other purposes. Find investors to help fund your project if, as the prospective owner, you can't underwrite it yourself. Look to venture capitalists, a consortium of investors focused on assisted living project capitalization, general capital investment firms and financial institutions.
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Consider enlisting help from a consultant if you plan to own a large facility of more than 10 units to help navigate real estate zoning and occupancy laws and building variances. Apply for licenses and permits that your community requires. Seek advice and counsel from your accountant and attorney.
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Hire contractors to oversee construction. Monitor the project from ground breaking to completion. Make certain new architectural modifications comply with the Americans with Disabilities Act of 1990 and similar local laws. Invite local officials to check and approve plumbing and electrical modifications as they occur to avoid surprises as the facility reaches completion.
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Work with a decorator to create individual apartments that are well lit and carpeted in neutral colors so residents can bring any style of furniture into their new homes. Modify bathrooms with safety measures to meet physical challenges that residents may face.
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Draw up a menu of amenities you plan to offer new residents once they take occupancy as incentives for leasing a unit--such as on-site beauty and laundry services, a central dining room, meal plans and social areas. Arrange for staff quarters so employees covering 24-hour shifts have a place to rest and clean up while on duty. Make certain the staff understands the ramifications of the Fair Housing Act if the building you own has 10 units or more, so your facility is never cited for discriminatory rental practices.
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Consider a residential advisory board to oversee social activities if you don't plan to assume this role yourself and have no plans to hire a social director. Install a building security system to monitor interior and exterior common areas for everyone's safety. Protect your assisted living facility from lawsuits by insuring the building and common area contents.
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Determine the level of involvement you plan for yourself as owner. Whether you plan to be at the site daily or take a backseat to a full-time manager, choose the option that's best for you and your other interests.
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