If you look around, you will find that several hotels across the United States are getting converted to low-cost housing apartments. It is getting done to address the current housing crisis and give a home to the homeless people. Sometime back, a Vermont-based housing group has declared its plan to convert a hotel in Williston into an affordable workforce housing unit. The concerned property currently comprises 99 suites which are all set to get converted into 72 affordable housing units. And about 38 of these units will get dedicated to the ones witnessing homelessness.
Similar initiatives are being taken all over the United States and worldwide. And here, it is essential to select the hotel property carefully so that the conversion process can occur successfully. Maxwell Drever shares some of the best practices that will help to assess a hotel for such a conversion.
The best practices to count on
Converting an existing hotel that isn’t making much or no profit due to the pandemic outbreak into a low-cost housing unit might seem exciting on paper. However, when one gets to the real work, several factors are essential to consider so that the main objective (providing a home to the homeless) gets accomplished well. Here are a few best practices to count on in the hotel evaluation process.
- Does the hotel have no chance to redeem itself in the future?
It is something that the hotel owners should consider mostly! It’s because they need to decide first whether or not to convert the hotel into an apartment for the workforce population. Hence, the hotel owners must research and find out whether a hotel has any chances of making future profits. If there is no scope for the hotel to redeem itself and make the profit that it was before the pandemic, then it’s a good call to offer the property to get converted into an affordable housing unit. Here, the hotel owner needs to delve into in-depth research to determine whether the conversion is the best way for the property to become functional and be of use.
- Does the hotel have any foundational loopholes?
Today, many old and broken hotels in the United States are getting considered for converting into affordable household units. It’s necessary to check whether these properties are structurally sound for this transformation. Hence, it’s best to conduct an inspection of the foundation and check whether there are loopholes that might collapse the property during conversion or later. If there are severe loopholes in the foundation, it is best not to consider it for conversion.
- Is there any need for repair work?
Converting a hotel into a house for the workforce population needs complete transformation of the hotel. Maxwell Drever says that it’s essential to consider whether the hotel requires any repair or replacement work for the same. For instance, whether the high-end fixtures and faucets need to be replaced to cater to the essential requirement of the workforce population.
These are some of the essential practices that hotel owners and developers can consider to choose the right hotel for converting into a low-cost housing unit.