Are you thinking about purchasing a residential care facility? These properties offer a substantial margin for growth opportunity, and increasingly have become an attractive prospect for real estate investors. Before you take the plunge on purchasing one of these assisted living properties for sale, it’s important to consult with an expert first. The professionals at ALF For Sale can assist you every step of the way. Read on to learn the 5 tips that we recommend looking into before making your decision.
Licencing
Every state has different licencing requirements for their residential care facilities depending on what services and capabilities the property offers. A few of the most common licences for assisted living homes are Adult Residential Facilities (ARF), Residential Care Facilities for the Elderly (RCFE), and Group Homes (GH). It’s best to contact a professional so you know what is needed before going forward with the sale.
Zoning
Next, make sure to look into whether that facility can be operated in the area it’s located. This includes zoning requirements, HOA, fire systems, ADA compliance, and much more. Do your research on government standards and even the layout of the residential care center for sale. The more planning you do, the fewer hiccups you’ll have along the way.
Financials
What are your financial goals? How much money do you plan on making annually on the assisted living center. Also figure out where the money is going to come from before you pursue the sale. Remember that most investors require 20% down on a residential care facility. Don’t forget about overhead costs and whatever cash flow issues may pop up along the way. Create a business plan for a better chance at long term success.
Staffing
Your facility will need residential care professionals to work at the location. Before the sale, considering the massive staffing requirements for assisted living homes. They require 24 hour, 7 days a week staff with educational and experiential requirements. You have to make sure that your workers are fully brought up to date on any specific training they need for the location.
Vision
Last but not least is the ability to honestly look at yourself and make a determination on whether purchasing a residential care facility is actually something you want to do. Putting away the for sale sign is the easy part. There will be a lot of growing pains and requirements to make the opportunity worth your time. If you can look into the future and see yourself succeeding at such a challenge, move forward with your investment!
Contact Us
Deciding to move forward on a residential care center for sale is no easy task. Every facility has their own licensure and zoning requirements depending on the location. Take into account your potential staff and your financial situation as well. For more information, contact the professionals at ALF For Sale. Start your future today!