The COVID-19 emergency has affected the economy in different ways. From business to tourism to traveling, every aspect of the economy is under strain. With Increased lockdown, social distancing norms, halt on economic activities, it has become difficult for people to come back to typical life. On the other hand, people belonging to middle and lower-income groups are facing added challenges. One of these is the problem of affordable housing. Lower wages, long hours of work, and increasing daily stuff costs make it difficult to manage expenses.
Here, the need for affordable housing comes into play for providing these vulnerable sections of society with convenient and reasonable accommodation. Hotel owners, homeowners, and federal governments are playing a collective role. They are converting already existing structures like hotels and buildings into affordable housing estates. Governments undertake different strategies at different levels to provide them with increased occupancy and deal with the problem. Hence, they are trying to adopt multiple policies for reusing various properties and repurposing them into apartments.
The challenge of converting hotels into affordable housing
Yes, it is challenging to convert a hotel, having a completely different structure, into a housing estate. Remember that hotels got designed to provide you with relaxation. On the other hand, affordable housing involves multiple elements. From the kitchen to the toilet to the balcony, you have to accommodate these into one structure. It would give it the shape of a house. Since the target of the policy is the middle and low-income group, you will have to make them feel at home. People are trying to look for affordable residences near their job location. Hence, having a property in these prime locations is a challenging task. In most cases, the rent of the housing in the job location is very high. Hence, converting a hotel to these locations will be the most effective step taken.
Provide the individual with basic amenities
While repurposing and remodeling the hotel rooms, some vital areas need proper attention. These are ventilation, water and electricity supply, kitchen area, and sufficient surface area. Compromising on any one of these will have detrimental effects. Remember that hotel rooms have a completely different structure. They have a very cozy environment bound for relaxation. On the other end, a residential apartment accommodates different facets. According to Maxwell Drever, proper ventilation and light inside the room are necessary to provide a home-like environment.
Hence, the real estate dealers and investors will have to keep to the building code of their locality while providing residential areas to these individuals. Along with this, proper water supply and electricity are necessary for individuals who are renting these apartments. You may split utility bills among all the renters so that the burden does not fall on you.
If you do not have a property in the job location, you can purchase existing structures and transform the same into affordable apartments. Try to divide the dwelling units into independent units. You may rent it out to different individuals and grab your revenues. Remember that it is a profitable affair in the long run. Yu need to remodel the structure by taking help from professionals and agents.
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