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Investing in property you can rent out is a great way to generate passive income. However, investors have to make sure that the property caters to the needs of tenants and creates a livable environment, especially for seniors. Falling short on this will not only lead to a higher vacancy rate, but also to legal problems.
If you’re planning to purchase an apartment complex or any other type of property investment, improving safety isn’t just a matter of compliance. It’s a moral responsibility just as much as it is a part of effective tenant relations. It matters to consider what to improve in your investment property to make it more accessible and safer for older tenants. The list below should help you get started on that:
1. Conduct a Thorough Assessment
Whether you’ve purchased the property recently or are planning to make value-added improvements, consider giving the property a comprehensive assessment. Through this, you can determine what features are still lacking and what needs to be improved in terms of accessibility. You can also identify major hazards that could pose a risk to seniors, especially those with vision problems and arthritis.
Be sure to take note of the smallest details, such as exposed wires and pipes, as well as faulty locks and missing floorboards. It’s also important to check whether indoor areas are properly lit, even during the daytime. You can enlist a third-party inspector to conduct a comprehensive check.
2. Add Mitigating Measures
If you’re marketing your property to senior tenants, it pays to invest in measures that reduce the risk of accidents within and outside the building. For one, you can upgrade elevators to allow for wider spaces so wheelchairs can fit. You might also want to fix or replace dilapidated handle bars and stair railings that allow for a firm grip even among seniors with arthritis.
When it comes to interior furnishings, go for high-contrast color pairings that outline steps and thresholds, which could otherwise appear invisible to seniors with color blindness and other eyesight issues. For each unit, make sure that cabinets and other fixtures require minimal effort to access or use. This would mean placing cabinets no higher than 40 inches from the floor.
3. Ensure Regular Maintenance and Cleanliness
One thing you wouldn’t want to overlook as a property investor is to ensure your assets are well-maintained. Even with mitigating measures in place, the risk of injury remains when you fall short of keeping the property in good condition and getting rid of potential hazards. Ignoring spills in the hallway or near the entrance of the property will lead to injury to a senior tenant, prompting them to file an injury claim through a slip and fall lawyer and hold you liable for damages.
You wouldn’t want this to happen, so check with your property manager if a regular maintenance and cleaning schedule is in place. It also helps if you could schedule inspections at least once a month, in addition to coming up with contingency plans in case of emergencies involving seniors.
4. Consider Security as a Component
In addition to reducing hazards, it’s also important to boost your investment property’s security factor. You may have senior tenants living alone, which makes them highly vulnerable to burglaries and intrusions. At this point, you will need to install advanced security features in a way that doesn’t reduce accessibility.
You can install a smart lock that can be activated using fingerprints. Each unit should also come with automated alarms, while common areas should be monitored all the time using high-quality surveillance cameras installed in different strategic locations that eliminate blind spots. Having these enhancements could serve as a major draw among seniors who prioritize safety.
Endnote
Owning an investment property requires meeting your tenants’ most critical needs, especially if they’re elders seeking a safe and comfortable place for their retirement. Consider the tips above and position your property as the haven that they’ve been looking for.
Photo credit: MART PRODUCTION on Pexels
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