Living is wonderful, aging is complicated. Many Americans feel the tension between the two. Aging is inevitable, but it can be done with dignity.
Three things assisted living investors, owners and operators must consider:
- How do Americans age?
- What do Americans want most as they age?
- Where do Americans desire to age?
Housing is considered one of the most, concerning challenges for seniors in America. Where many seniors find themselves living is a frightening reality.
The facts are known, seniors do not want to live in traditional senior housing, which is designed for those with significant health issues.
Most seniors do not have health issues that result in their placement in assisted living. They merely need assistance with activities of daily living.
Baby Boomers refuse to accept what has been the norm and through their vibrant resistance, a business has emerged to meet their demand – residential assisted living.
So, where do seniors want to age? At home.
While this is not possible for most, residential assisted living offers comfortable homes located in traditional neighborhoods.
What makes investment in residential assisted living a win-win? It is a much-needed business. It is a very profitable business, if it is executed correctly with ethics and dignity.
Making sense of today’s senior housing options is an important component for successful investors.
Today, senior housing has become a business of multiple varieties.
As a result, investors and owners must consider every option to determine the best way to benefit seniors and their own businesses.
- What option is best for a senior?
- What option makes sense for a senior?
- What is the current housing of the senior?
- What has prompted the search for different housing?
- What health challenges inhibit a senior from aging in place?
- What is the senior’s budget?
There are six senior housing investment options that must be considered. By doing so, investors and entrepreneurs will be able to see why residential assisted living remains the best option.
- Staying at Home – Aging in Place
- The Village Concept
- Independent Living
- Continuing care retirement community (CCRC)
- Assisted living
- Nursing Home/ Skilled Nursing Facility
WHY RESIDENTIAL ASSISTED LIVING ALLOWS INVESTORS TO DO GOOD AND DO WELL?
- Aging in Place
Although many seniors want to stay in their own homes, it’s not always safe nor cost efficient. The unforeseen costs associated with reconfiguring and sometimes, refurbishing a home for safely aging.
Is this worth it? What will we do with the home once mom and dad are gone? What appears to be relatively cost effective can insidiously become quite expensive.
Residential assisted living is the most complementary option to aging in place. Why? In residential assisted living, the senior is living in a home, which is suited with all of the accoutrements for safe living in the home environment.
Residential assisted living also brings friendship and eliminates isolation. Aging in place can be lonely, but with residential assisted living, seniors occupy a space in a traditional neighborhood home with others who have similar likes and backgrounds.
- The Village Concept
The village concept works best in well-established communities, where neighbors are close to one another and families have been in proximity to one another for generations. The village concept is effective as long as the village endures and things remain stable; however, life has a way of monkeywrenching all of us.
There is another way to leverage the village concept – residential assisted living. By relocating to a residential assisted living home, a senior retains the village without the volatility. The senior is safe, in a home, fit with all safety measures, with housemates to enjoy, properly prepared healthy food and available and attentive caregivers only steps away at all times.
The residential assisted living home is the ultimate village that is stable and safe.
- Independent Living
Independent living is a housing concept for seniors that includes retirement communities, retirement homes, and senior apartments. This concept is nice for seniors to retain their independence without the burden of property maintenance, but cost can be quite steep, up to $10,000 monthly.
On the other hand, residential assisted living fuses the benefits of independent living into one environment. It makes living social, safe, independent and cost efficient. These realities also make it the best investment opportunity for those looking to profit in real estate in a nonconventional way.
- Continuing Care Retirement Community (CCRC)
Continuing care retirement communities are mammoth operations, many placed on large campuses where senior living is organized by progressive decline. Beginning with independent living to full skilled nursing facilities, seniors who live on these campuses are largely poised for decline. This is not quite the ideal choice for those who want to age with dignity.
Similar to CCRCs, the residential assisted living homes offer full staff support and residents are able to age within the community, without fear of losing that community.
Thus, any investment made in residential assisted living is more viable and wise.
- Residential Assisted Living Community
Residential care homes are small facilities offering personal service to a small group of seniors. They are regarded as ideal for those who require personal care in a home-setting. For vibrant seniors, this model offers the level of engagement and communal living so desired by seniors.
Business opportunists will quickly see that residential assisted living homes are a better alternative and align with the wants of the aging Baby Boomers. The residential assisted living home is able to maintain care with independence because of its size and focus. These homes are capable of doing both without compromising engagement, activity and dignity. The preservation of dignity coupled with engagement is at the core of owning a residential assisted living home.
This business model gives Baby Boomers what they want and quite frankly what they need.
- Nursing Home/Skilled Nursing Facility
The skilled nursing facility has received such a bad reputation over the past decade. The job of these facilities is to provide care for those who have serious health conditions. The regulations are strenuous, often unattainable by most small businesses, but the quality of care needed has driven the regulations. The truth is, eventually most seniors will end up in these institutions near the very end, but the goal for ethical senior housing is to put this off until it is necessary. And unfortunately, many seniors end up in these facilities too soon due to lack of options or limited information.
Wise entrepreneurs looking for the next good model will find it in residential assisted living. So much of the economy is shifting during these difficult times, but one thing is constant – people are continuing to age. Baby Boomers want exactly what they say, and they can afford to make demands.
Residential assisted living meets their needs. Therefore, investment today will lead to returns tomorrow.
ACT NOW WHILE THE OPPORTUNITY IS AT ITS PEAK
With more than 10,000 Baby Boomers turning age 65 every day, now is the time to invest in assisted living and begin on your path to ownership in residential assisted living.
Contact RALAcademy today to register for the next 3-day course to learn from a team of experienced experts everything you need to know about the assisted living industry.
- The service is superior – as per our proven model
- The service is in high demand with the silver tsunami of baby boomers on the rise.
- Residential assisted living businesses generate significant cash flow
- Unlike other senior living business investments, RAL homes based on the Residential Assisted Living Academy model generate more profit and have reduced overhead and liability.
- Residential Assisted Living homes are where seniors would prefer to be when it is time that they leave their own home for health and safety reasons
- With the help of the Residential Assisted Living Academy, individuals with little business experience can build a successful brand from the ground up and provide for their family with generational wealth
- Investors, owners and operators can make a difference by doing good and doing well.
There is a need for more viable options for the aging Baby Boomer, and you can help meet that need.
The demand is only increasing and projected to continue this pattern.
It is time for you to engage with knowledge and support to meet the needs of millions of Americans while creating a legacy for yourself.
Contact the Residential Assisted Living Academy today to get started.