Some contractors will not work with owners seeking to flip buildings after five years because the focus is fully on cost rather than high-quality housing.
Shoreview, MN (PRWEB) December 16, 2008
One area of the real estate market that is still building is senior housing. However, as with any housing type, senior housing development must be well planned. Aging services provider Ecumen (http://www.ecumen.org ), one of the country's largest non-profit
senior housing companies, is providing tips for making projects successful with the release of its newest whitepaper "10 Tips for Avoiding Senior Housing Construction Pitfalls."
"10 Tips for Avoiding Senior Housing Construction Pitfalls," authored by Steve Ordahl, Ecumen's senior vice president of business development, offers 10 tips for those considering senior housing development projects.
"Absolutely essential to building high-quality senior housing is a great client-builder relationship," quotes Ordahl in the paper. Advice offered by Ordahl for those considering creating a senior housing community includes:
- Study market research: "Developing senior housing isn't like the movie Field of Dreams. Just because you build it doesn't mean people will come," says Ordahl. "Make sure that you enter your project armed with a detailed market study showing demand in the area for the type of housing you're looking to build."
- Consult with a construction specialist attorney: "Many senior communities have legal counsel, but they're often elder-services law specialists rather than construction specialists. It's beneficial to have contracts passed through counsel well-versed in construction law."
- Be very clear on your expectations: "Are your intentions to sell this housing in a few years? Or will you retain it for years?" asks Ordahl. "Some contractors will not work with owners seeking to flip buildings after five years because the focus is fully on cost rather than high-quality housing."
Ecumen's latest whitepaper is part of a series of whitepapers geared towards building high-quality senior housing. It joins "Senior Housing Financing Options," "10 Questions to Ask When Choosing A Senior Housing Management Company," and more, which are all available for complimentary download on Ecumen's website.
"10 Tips for Avoiding Senior Housing Construction Pitfalls" along with Ecumen's full collection of whitepapers on senior living, senior housing development, technology and innovation in senior living, and long term care consulting, are available by visiting The Library of Successful Aging on Ecumen's website.
Ecumen (http://www.ecumen.org ) is based in Shoreview, Minn., and is one of the largest non-profit senior housing, services and development companies in the United States. The name Ecumen comes from the word ecumenical, which in turn is derived from the Greek word for home: "Oikos". Ecumen's mission is to create "home" for older adults wherever they choose to live. Ecumen is affiliated with the Evangelical Lutheran Church in America (ELCA) and has 4,000 team members. Ecumen writes about news and ideas that are shaping the future of aging services at its Changing Aging blog: http://www.ecumen.org/changing-aging/ .