Investing is one of the best things you can do for your future. It gives you money in case you lose your job or for when you want to retire. This extra source of money has helped many people accomplish their goals faster than they ever could have alone.
The secret to a good investment is finding something to invest in that will be needed for a very long time. This is what makes assisted living facilities such a smart investment. Everyone ages which means, at some point, almost everyone will need some assistance in their old age.
When looking for something to invest in that you can count on to last, there are few investments as safe as assisted living. As long as people age your investment will continue to make money for you. Here are five reasons you should invest in an assisted living facility.
1. Real Estate
As far as investments go, assisted living is one of the more interesting ones. This is because investing in an assisted living facility is also an investment in real estate. Fully investing in assisted living would include buying a piece of land to house your facility.
Any investment advisor will tell you that real estate is a good place to put your money. Owning property gives you the ability to rent land, sell land, or create a profitable business on your land. An assisted living facility obviously fulfills the profitable business side but it can also make you money through renting and selling.
Once you own land with an assisted living facility on it you have the choice to rent that facility out to a company that is trying to expand. You can also run it yourself and make the money from the business yourself while also owning property. Either way, the real estate you acquire will be a great added investment to your assisted living facility.
One of the great things about investing in assisted living is that it is much more cost-effective than other alternative living options. Owning a nursing home, for example, requires licensing and staff that an assisted living facility does not. The main goal of assisted living is to be helpful and make sure the residents are comfortable.
The staff for any business taking care of people is going to have a few required services. However, the full nursing staff is not necessary as there are many other careers that train to take care of the elderly without the license that nursing homes require. However, it would be helpful if your staff acquires a medical certification in life support skills as this is invaluable in potential emergencies. These courses can now be done online as well and will prove vital until the medics arrive on the scene. To put it simply, you can be helping people without the huge price tag of running a medical facility.
Because you will be making money on the business and possibly the property, you will already have a steady flow of income. The less expensive staff and less medical equipment required will also save you a lot of money in the long run. If you want to invest well then assisted living is a great place to look.
3. Helping People
Many investments are all about making money with no other goal. They require very little work and provide small rewards over time. Assisted living facilities are different because you can see the good you are doing and almost immediate rewards.
The ability to help people is often called a reward in itself. That is a reward that investing in assisted living is sure to give you. Every time you go to look at what your money has achieved you will see all of the people you have helped. The fact that you will also be making money from your kindness is an added bonus.
If you have a facility that can comfortably house a few people and the ability to pay for a small staff then you are prepared for this investment. The bigger your facility the more money you will make, but plenty of money is still to be made on small facilities. Any amount of housing is helpful and allows you to make money while still being a good samaritan.
Assisted living is a fairly broad term that many types of facilities can fall under. This means the main investor of an assisted living facility would be able to choose the type of residents the facility would be made for and the type of staff needed. The ability to choose who your investment will be serving is one many investors do not have.
Perhaps you are wanting to house people of all ages who suffer from mental illness. Or maybe you want to help the elderly with memory problems. Even the type of housing you provide for you residents can be customized to what you want.
You get to choose what type of assisted living facility you are investing in which allows you to choose who you are helping. All of these different residents will require different help which will also allow you to pick the level of trained staff you will need. Assisted living is a broad spectrum that will allow you to invest in something you actually care about.
5. Involvement Level
There are people who make investments that will never see where their money is going. They put money in and get money out and never have any hands-on experience with their investments. Sometimes this is exactly what people want but often this level of the unknown is stressful.
Investing in an assisted living facility allows you to pick how involved you want to be. You could choose to run the facility yourself and be completely involved in your investment. Or you could rent the facility out and function as more of a landlord. There are so many options for how to run your facility and how involved to be.
This is not something that many investments are able to offer. People who like to know exactly where their money is going are often thrilled with the ability to check up on their facilities and still not have to run them themselves. The control that investing in an assisted living facility provides is incredible and hard to find anywhere else.
There are a lot of reasons to invest in an assisted living facility. The freedom, options, and money to be made are only the beginning. Investing in an assisted living facility is a great way to make money while helping people in your community.