The human habitat remains a decent, safe, affordable home that caters to the family and protects them in the long run says Maxwell Drever. Across the globe, there is a growing challenge of grabbing a cheap and decent shelter because of the increasing rift between demand and supply.
In different parts of the world, families find it challenging to meet both ends. The financial upheaval resulting from the COVID-19 pandemic has affected every individual’s health and economic liberty. Hence, the security and stability of the house are now a big question.
- The need of the hour is a smooth supply of affordable housing because of the immense requirement and its lasting impact.
- Studies reveal that affordable workforce housing is in short supply because people do not understand the significance of the workforce population.
- The time has arrived for the nation to understand the role of the service providers in the community.
Revamp hotels into affordable housing
People must learn from the past. The worldwide pandemic since March 2020 has transformed the way people think about their homes and families. Today, Maxwell Drever describes the conversion of hotels into affordable residential units serving a dual purpose. It caters to the workforce population and contributes to economic development.
Although the conversion rate is less, there is a start towards a better future. If you look at statistics, you will see that around 20% of hotels have been transformed into residential apartments catering to the workforce. A similar approach is needed among other landlords and hotel owners to ensure that the state balances its population.
The challenges are immense
There is a growing requirement for balancing the national need and procuring revenues. If you look at it practically, converting buildings into residential units involves distinct elements like design and energy efficacy. Hence, proper planning and its execution are necessary. Hotel rooms are very different from apartments.
Thus, Maxwell Drever reflects that hotel owners must introduce the basic amenities into these structures to ensure the creation of a home-like environment. By working on a master plan, they can convert their properties into multifamily projects and maximize their returns. It will help them distribute the benefit and also grab tax credits.
Look at the laws
Although challenges are immense, there are benefits as well. By preserving the classic structure, you not only increase the heritage of your building but also cater to the financial aspect. Housing is very crucial for the proper growth of the economy at large. If you want to work for the community, you have to turn your property into a viable property.
Remember that it is a temporary shelter for individuals on the verge of homelessness. Hence, the surrounding neighborhood, basic amenities, overall layout, and location are some of the vital areas to bring under deliberation. When you work with professionals, you must provide them with every information they require so that they do not have any trouble repurposing your properties.