I'm looking at an interesting investment property, and one of the ideas I'm thinking of is to make some of the units wheelchair accible and/or ADA compliant. I've heard that there's a big shortage of these types of rentals, and that rents are paid by government housing grants and therefore low risk. the property consists of 2 duplexes and 5 detached cottages all on a single parcel in town and near public transport. The 5 cottages all have entrances right at ground level (no ramps required). Anyone have experience making a unit wheelchair accessible? The obvious things that come to mind are wider doorways, roll-in showers, and handrails around the toilet, but I'm sure there's more to it. The kitchens and bathrooms in these cottages are old and need updating anyway, so I'm mostly looking at the incremental cost of wheelchair accessability.
Any experience or thoughts?
How much does it cost to make an apartment ADA compliant?
A few thoughts.
-Potential pool of tenants is limited.
-Cost of fixtures and special appliances is very high.
-Units are unusual and not rentable to those without disabilities.
-Wheelchairs are very damaging to apartments so turnovers are costly.
-They also damage common areas, hallways, doors, requiring increased maintenance.
-While you do not have to chase down residents for rent, you do have to deal with government bureaucracy, ugh! You no longer set the rent. You become the supplier in a cash-poor single payer system.
-The system is dysfunctional. There are many people who should be in assisted living but end up in this type of independent living with underpaid indifferent helpers. They need lots of help and are looking around for any problem-solver to call.
If your goal is to serve needy people, go for it. If you want to make money, think twice.
There is a shortage of these types of units for a reason.
-Potential pool of tenants is limited.
-Cost of fixtures and special appliances is very high.
-Units are unusual and not rentable to those without disabilities.
-Wheelchairs are very damaging to apartments so turnovers are costly.
-They also damage common areas, hallways, doors, requiring increased maintenance.
-While you do not have to chase down residents for rent, you do have to deal with government bureaucracy, ugh! You no longer set the rent. You become the supplier in a cash-poor single payer system.
-The system is dysfunctional. There are many people who should be in assisted living but end up in this type of independent living with underpaid indifferent helpers. They need lots of help and are looking around for any problem-solver to call.
If your goal is to serve needy people, go for it. If you want to make money, think twice.
There is a shortage of these types of units for a reason.
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wheatstate
- Posts: 98
- Joined: Thu Aug 25, 2011 4:51 am