Because of Covid19, many investors are taking a second thought into investing in and utilizing specific properties. They’re now looking into using hotel buildings for affordable housing for the workforce as new opportunities arise to change the course of these once luxurious hotels. Now more than ever, it’s an exciting time to purchase these types of buildings and think about all the possible renovations required for such transformations. The idea is to renovate buildings to make better investments and give landlords a way to do something different with their properties that are in a slump. While the concept is innovative and potentially one of the best to deal with the growing affordable workforce housing crisis, things generally fall apart without proper execution.
Experts like Maxwell Drever and Galen prove immensely helpful because of their knowledge and decades of experience in this niche realty market.
Hotel conversions can be the easiest housing solutions, but for them to complete successfully, proper planning before the project’s launch has to be in place. Since hotel owners and others may not be aware of the requirements of this niche segment, they can struggle to identify areas of focus and turn them around to suit the need of this section of the target audience that earns only about 80% to 120% of the area median income a year. Even though hotels also have to follow strict quality standards, one must be extra careful while redeveloping them into residential projects. Assessing structural integrity and safety becomes a priority to provide the working class with a safe and functional base.
Because Maxwell Drever and his partner belong to this real estate industry and have completed many conversion projects successfully, they very well understand the types of challenges that may occur and resolve them too.
Most of the parts of the housing and hotel structures tend to be the same. But certain areas can demand a few adjustments, such as exits, size of the units, etc. Some hotel rooms can be too small to accommodate a kitchenette. In that case, developers may have to merge two or three rooms to include all the necessary elements to turn them into a self-sufficient living unit for families and individuals. When working on this, one has to ensure little or no wastage of space.
More precisely, the focus has to be on optimizing every inch to make them comfortable for their residents. The association with the right partners eliminates all types of stress. Since zonal codes can be a hindrance, experts can guide through that process also to make the property most compatible with the local building requirements.
Essentially, even a project like a hotel repurposing can be a lengthy process as it includes a selection of the site, property inspection, permits, repairs and replacements, materials, and design. The main respite is you don’t have to start from scratch, which can be more time-consuming and hectic. At the same time, hotel projects can relatively be faster to complete to make them into affordable workforce housing. Due to this, they make an attractive proposition for everyone.