Now Is the Best Time to Open an Assisted Living Facility

Posted on Jun 27 2017 - 1:00am

Old woman in an assisted living facilityAre you thinking of a good business to put up in your community? You’re in luck because opportunities are abundant these days. One of them is an assisted living facility.

What makes it an ideal money-making opportunity for you? Here are three reasons:

1. People are getting older.

According to the report by the Population Reference Bureau, baby boomers will be around 46 to 70+ years old around this time. Moreover, there will come a time when the number of seniors will increase dramatically. Although some of them would like to live in their respective homes, others may prefer to downsize and opt for support or assistance for everyday living.  

2. The Older population will also be working.

Assisted living facilities are different from nursing homes. The former provides aid for basic routines such as giving medications or dressing and less on health care. This makes these facilities ideal for seniors who also like to continue taking in jobs – and this demographic is increasing. Many of them would probably like to have a space they can call a home that would need their maintenance or upkeep.

3. Senior needs are shifting.

Today there’s more focus on prevention rather than cure, and one of these is through good nutrition. Seniors may choose to move to an assisted care facility that can also help them monitor their food intake or prep meals, as well as bring them closer to grocery stores.

Putting up an assisted living facility can be costly, and you need to prepare for that. You can apply for an FHA multifamily loan from Bonneville Multifamily Capital, which provides better rates and terms since the FHA insures the mortgage and approved by the HUD. You can then use the funds to construct, rehab, or refinance multifamily (several) units, which you can then convert into an assisted living facility.