Why Renovating Senior Living Communities is an Investment

Why Renovating Senior Living Communities is an Investment

One of the best things older senior living communities can do in order to bring in residents – and beat out competitors – is to undergo renovations. As we see more regulations concerning floor plans and room sizes in senior living communities put in place, this will become even more important. The senior housing industry is currently in a transitional phase, due in large part to changes in demographics and the rise in technology. With this in mind, many facilities are undergoing renovations in order to meet the demands of residents – and appease regulators and investors at the same time.

Many within the industry are predicting a “flashier” senior housing industry in the coming year, as numerous facilities are undergoing major renovations in order to meet the demands of residents, and our changing society as a whole. As many senior living communities are experiencing occupancy issues, it is no wonder why renovations are popping up everything. In order to keep from losing residents to newer, fancier facilities, nursing homes must take action now and understand that renovating is a long-term investment. By planning ahead and looking at what other facilities are doing in the area, you can be better prepared for the future.

Renovating – Not Just a Question of Structural Integrity

It is also important to note that when talking about senior living renovations, we are not simply referring a given facility’s structural integrity. SNFs must also consider renovating their marketing tactics and practices for attracting new residents. Many communities are having success with advertising not only the current amenities, but what is to come. Most seniors looking for a long-term care facility plan to only move once, which means they could spend upwards of a decade (or longer) in the community. With this in mind, it is a good idea to advertise what is coming in the next couple of years. People – and investors- are more likely to be attracted to facilities that have a plan for the future that includes at least some glitz and glamour.
When renovating, communities should make sure they are not simply going for a “quick fix”, but spending the time and money necessary to ensure the end product is an excellent one. Look at the competition in your area and see what others are doing. Senior living communities of today are modern, sleek, and feature far more than a nice dining room and library for residents. Think big and remember – your residents are changing just as our society is. People want to remain connected and are looking for a community that will provide them with the same luxuries they had at home. For more information on why renovating senior living communities is an investment, or anything else related to senior living, please do not hesitate to contact Shep Roylance today.