Today, the hotel industry has got adversely impacted by the pandemic outbreak. According to a few research and studies, some hotels might have to stay close forever explains Maxwell Drever. And one of the alternative uses for such hotels that got adversely affected by the pandemic is converting them into multi-family rental properties. All across the United States, it’s been one of the popular trends that have been considered to address and resolve the issue of affordable workforce housing.
The process of converting struggling motels and broken hotels into multi-family homes provides new scope for low-cost housing for the ones who can’t get a home because it’s beyond their financial capacity. And this demographic can include low-income families, young professionals, senior citizens who stay on fixed earnings, and homeless individuals. The conversion process can assist those whose earnings declined because of the uncertainty caused by the pandemic outbreak and its cruel impact on the world economy.
The best practices to count on for the conversion
Maxwell Drever, even though the hotel conversions bring good news for homeless people, it’s essential to get them to execute correctly to see fruitful results. Some of the best practices to check whether a broken hotel is worth the conversion initiative or not includes the following:
- Inspect the property at hand –Every hotel and motel got created on a certain plan and has its foundation. Hence, before deciding whether you can convert a hotel or motel to a low-cost housing unit, you need to check if the property is robust and has a stable foundation. For that, it’s an intelligent decision to inspect the property. It will reveal if the property has any flaws or it requires any repairs. If the cost of repair or replacement exceeds the estimated budget, then you probably need to arrange for more funds or think about another property for the conversion.
- Having an estimated time of completion – The housing crisis is acute. And it’s necessary to provide low-cost housing at the earliest. Hence, it’s necessary to fix a delivery timeline. And check whether the concern hotel can convert to affordable workforce housing within that specific time or not. You can estimate it once you get expert developers and architects at work. They can provide you the time for the near completion. Which helps the hotel owners, developers, and real estate companies better decide on the conversion process.
- Considering the hotel location –Lack of affordable homes has made many workers shift to remote areas. They have to travel for a long time to reach their workplace. Hence, Maxwell Drever says that it’s essential to consider the hotel’s location. And check whether it will provide the workers with an easy commute to their workplace. That will help them to save time and money on their commute and contribute better at work. It will also help them have a better work-life balance.
These are some of the necessary best practices that developers can employ. To decide whether it works in their favor to convert a hotel or motel into an affordable workforce housing unit. It will also add speed and ease to the process of conversion.