Downsizing is something most retired couples do once they stop getting the income they were used to. However, you can still live life in style if you move to a retirement community. In fact you could even start one on your own. Here are a few ideas you can use if you want to start your own retirement community for seniors:
Co-housing With Friends
If you are not comfortable living with strangers you could think of co-housing with friends. As a group of friends you can pool in your funds, purchase a big place and convert it into a retirement community. Not only will you have your needs taken care of, you will also have a rock-solid set of people to fall back upon, should you need any kind of help, at any time.
You can invite each other and host parties with friends. You can share your resources such as the backyard, Wi-Fi, utilities, washer and dryer, and may be a van for outings and vacations. You can collectively hire someone to prepare your meals or take turns cooking for everyone. You may want to share the costs of housekeeping and maybe caregiving services. If you lay down a few rules right from the beginning on privacy and boundaries you can live happily with your friends, in a retirement community that you created by yourself.
Converting your home into an assisted living facility
If you want to age in your own home, you can think of converting your home into an assisted living home. You may want to get in touch with your local zoning department to know about the zoning requirements and building codes. You can hire a consultant who can tell you more about the state regulations you have to comply with when it comes to converting your home into an assisted living facility. Visit a few facilities, get a few referrals, and do a thorough feasibility study before finalizing your decision.
Buying an existing assisted living facility / retirement community
Be on the lookout for existing retirement communities and senior living facilities for the elderly that may be on sale. Hiring a broker can make your job a whole lot easier. There may be a few that might even offer franchising opportunities. If you take up one of those you can get all the training that you may need and start right away. The cost will be much lower than building your own retirement community from the scratch.
It is not too difficult to start a retirement community on your own. But you would definitely need a business plan. You may want to do some research on the kind of demand that exists for senior retirement communities in your area. You will also have to assess your competition and see if there are any gaps that you can fill. You may want to speak to a few who may already be in the business.
Understand the challenges you will have to face by starting your own retirement community. Get to know the steps that you will have to follow and the regulations you have to comply with. Have a look at the financing and see if you can get some help.
Starting a retirement community is a noble endeavor that gives you an opportunity to give something back to the community you live in. It is definitely the right decision to make.
