Transforming Your Home Into Senior Housing

Gene Guarino: As gene from the assistant living network transforming your home into senior housing, renovating, converting it for assisted living. You know what? A lot of people will have a home that they’ve lived in for years. The kids have moved out. Now that home has gotten really big. There’s some extra bedrooms and they’re wondering, is this home the right home, a good home to conform, to transform, to convert, to renovate, change into assisted living? And the answer is maybe, but let me lay out the groundwork for you. There’s kind of a couple of levels. When we talk about senior housing. Senior housing can go anywhere from just independent living. Somebody lives in a home that is senior safe. Maybe some grab bars were installed by the bathrooms and the tubs and the toilets and maybe some of the trip hazards were taken out like throw carpets or shad carbons with big thick padding underneath.

Gene Guarino: Maybe it’s a smoother, harder surface so that there’s no trip hazards there. Maybe if somebody needs a walker, the doorways were widened or maybe those grab bars were installed and maybe there are other systems, maybe electronic systems within the house to make it technologywise safer for seniors. And that could be anything from smoke detectors that are being monitored by an outside service to cameras within the home so that you or somebody on the outside can see what’s happening on the inside. It could be fire suppression. All those things are potentially parts of senior housing. But let’s go back your home if you want to convert this into senior housing. The first level is kind of independent living and things senior safe, so senior safe. Now I also want to, when I say senior saved, grab bars, smoke detectors, wider doors, take out trip hazards. But I also want you to be thinking that some of you, whether it’s yourself or a loved one, it could be a mom, a dad or grandma, grandpa, somebody may be living in that house all alone and they’ve got extra bedrooms.

Gene Guarino: And you’re wondering, could this be assisted living? Now assisted. That means somebody there to take care of them. But again, I want you to keep it down on this level to begin with. Think golden girls are golden boys. That home itself was designed a, it’s a, it’s a home, but it maybe has four bedrooms. There’s four different people living there. They’re probably not related, maybe their friends or they are now because they’re living there, but that home itself now, if you have a home right now that is maybe on a single level that could be converted to four bedrooms and maybe there’s at least two bathrooms, so there’s two people to a bathroom, or maybe you add some extra bathrooms. That could be a good transformation or conversion from your current home into some senior housing. The rent that you would charge, and this was the only time I’m going to talk about rent and residential assisted living.

Gene Guarino: We have residents, they don’t pay rent. We provide a service for them, but in that model where it’s that golden girls are golden boys model, the rent that you’re charging could be anything that you want, anything can afford, but let’s just say it’s higher than normal rent because you’re including certain things like maybe utilities, upkeep on the house, maintenance on the house, and maybe some other basic things as well. Like cable TV. Now you could split all of those bills amongst all four, but imagine if instead of renting the house for 1200 or $1,500 a month, you are renting each bedroom for $1,000 a month and it included all of those things. So senior wouldn’t have to worry about what is the bill for the utilities or how much is the cable bill. All they know is that all of their bills are taken care of.

Gene Guarino: All of the house maintenance is being provided for. They don’t need to do anything. They just call a number. Somebody comes and fixes whatever. So instead of collecting 1500 a month, you’re collecting four bedrooms, four people, $1,000 per, you’re collecting $4,000 a month. Plenty of extra money to pay for the utilities and upkeep on the home, which you’d want to have any way and you’ll have a low impact tenant. They’re seniors. They’re not raising rottweilers or dissecting Harley Davidsons and the family room. They’re much more low impact seniors and residents in your home. Their profitability just shot way up. You know, a lot of people look at a home and say, what can I do with it? Most people just say, I’ll sell it to another family. We’re a family. Their family sell it to them. We move on. Some people think differently and they say, well, senior housing, what can we do?

Gene Guarino: We’ve described that some people say airbnb or renting it out on a short term basis. Now those of you who have been in airbnb understand that that can be great income, but we can also have a lot of vacancies and that transition when the cleaner comes in and the next person moves in for a day or two or three or a week, there’s some issues with that as well. Seniors, they’re there. They’re there for the long term. They’re there for the long haul and the next step for them after an independent living could be assisted living. So now let’s think about your home converting. It’s straight into the assisted living. What differences would there be? It’s still going to be senior safe, but now for sure we’re going to have those grab bars by the toilets and the sinks and the showers as well as the smoke detectors.

Gene Guarino: Maybe even the sprinklers, fire suppression probably widen the doorways in case they have walkers or wheelchairs and you need to get it ready because assisted living means they have assistance. So that means there’s going to be caregivers that are there. They’re not necessarily living in the house with them live in caregivers, but if you are doing it that way, there might be a room that’s designated for the caregivers that could be on the second floor, by the way. So the seniors are on the first floor, caregivers on the second floor and a basement area where they have a break room or maybe a bedroom of some kind if you do the living. But the conversion itself fairly similar, senior safe, but there may be a few more requirements to make sure it’s appropriate for assisted living. Now we’re never going to do a skilled nursing or a nursing home inside that residential home and setting on the exterior of the building.

Gene Guarino: Though we also want to make it easy for that person to pull up a car, get into the front door. So circular drive is great. There should be some parking there for those seniors if they have cars, but in assisted living, they typically do not have cars. They’re no longer driving that circular driveway and the exterior could be good as well. Providing the maintenance on the outside, the landscaping, the exterior is also a big part of that as well. So transform your home by converting it into senior housing, whether it be golden girls and golden boys, whether it be assisted living and all of the benefits that come with that that I’ve shared the many times before. Either of those can certainly be done. Being close to different activities as well. Libraries, grocery shopping, movies, those kinds of things are more important for independent living. Golden girls, golden boys than it is assisted living, assisted living. They’re going to be in the home. Most of the time people come to visit them. This gene from the assisted living network saying, do good and do well. If you like what you’ve seen and heard, please subscribe.