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Renting to Seniors

Written by Posted On Tuesday, 27 June 2017 00:36
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When selecting for the ideal rental property, the 3-bedroom, 2-bath house most frequently pops up because this covers the requirements of most families. But consider the needs of the older person who no longer needs the large house she owns, wants to downsize, but doesn’t want to seek out retirement communities just yet.

This is a person with a reliable source of income, some assets, and probably a family that cares about her welfare. She doesn’t want to buy a new home, just rent for a few years.This niche market for rental can be a very rewarding – both financially and emotionally – for the rental property investor.

Retirees – A Unique Market

Consider the unique needs of the senior. Most are not expensive to manage, but often go unnoticed by the younger person. Mobility is one of the most common concerns of the elderly. Getting up and down stairs can be difficult. Fall hazards is another. The infamous broken hip from a fall is one of the leading indirect causes of death in the elderly.

When considering renting to the elderly, check on tripping hazards like loose carpets, door stops, steps and potentially slippery surfaces.

Older people have trouble reaching for things and opening doors. Are the cabinets accessible and easy to open? Are the dishes and silverware drawers easy to reach? Is there enough room in the kitchen and bathroom for walkers or wheelchairs? Are the bath and shower safe with hand rails and supports installed? Is the hot water set at a safe temperature to avoid accidental burning?

The Floor Plan

Single story homes work the best for seniors, but if the house in question has a second floor, check to see whether most of what the renter needs is on the ground floor, including bedroom and bath. Be sure the stairs are free from tripping or slipping hazards and equipped with sturdy hand rails.

If your renter uses a wheelchair or walker, you may need to build a wheelchair ramp for access. These can cost less than $2,000 depending upon location and who builds it.

Don’t forget to measure the width of the wheelchair or walker in order to ensure they will fit through the hallways and doorways. If the equipment your renter uses is too wide, consider whether they may be willing to switch to something narrower. They may like what they have, but a smaller apparatus also fits better in other public facilities and may be a good option for other reasons than just getting around at home. Altering doors can get expensive, especially when you also need to alter the electrical wiring.

Door handles are an inexpensive item to check that make a huge difference. Round doorknobs should be replaced with lever door handles, which are easier on people with arthritis and weakened grip strength.

Safety Concerns

If there are rugs on the floor, you should consider getting rid of them or laying down double-sided non-slip tape under the rugs to keep them from slipping. Check the bathtubs and add non-slip strips to reduce the risk of falling.

Ensure there are grab bars in the bathroom. Because bathrooms are usually much smaller spaces than the other rooms, these can present some of the biggest difficulties for seniors. They are also where most falling accidents occur. If there are unavoidable steps or stairs, add railings for support.

Make it Feel Homey

One of the most difficult aspects of moving for seniors is that they are often leaving the home they have lived in most of their lives. Efficiency and safety are essential, but not the only considerations. They need to feel like this place will be a good home.

In attending to safety, it is often easy to forget privacy. Yes, the elderly want someone to check in on them and be easily accessible should an accident occur. But they also need their own space, just like you do.

A little decoration does wonders for a place, but it should be easily modified when the new tenant brings in her own pictures, vases, and knickknacks.

Pets

If at all possible, make room for a pet as well. Pets do wonders for people in transition and people with pets live longer.

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Narendra Sharma

Naren is an interior designer and real estate expert. I’m grateful everyday to my wonderful clients who have entrusted me with their homes.

www.amarillorealestateguide.com/

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