In major metropolitan areas, the housing affordability crisis has become more severe by the day. Cities are filling up with vacant or near vacant buildings. There are empty buildings on every corner in big cities and small ones. Converting those dilapidated and shuttered buildings into housing for those who need it most seems more appealing. But, what are these buildings in question? Maybe they’re redbrick relics of a long-gone era or a scar bearer of the recent pandemic, but could they have a better purpose or use? The focus is mainly on hotels and motels that faced closures or foreclosures in the face of COVID-19 due to declining occupancy rates and growing financial losses.
However, in today’s economy, investment gamble on any building is only worth making when it has become devalued over time and will cost less as a whole to work on due to that and the sheer cost of labor and potential disruption, etc. Since hotels and motels fall in this category, hotel owners see this as a silver lining to renew their income stream, which otherwise had remained dead for an unknown number of years. And some of them got this idea when they heard the feasibility of such a step from trusted construction companies like Galen and Maxwell Drever. But one may wonder why they want to work with them.
The power of the know-how
Although both property types share many similarities, they tackle their customers’ accommodation needs differently because of the perceptible difference in their approach and goal. When economic times are tough and business is down, hotels face difficulty surviving. The market value can fluctuate based on demand and supply, where hotel conversions emerge as a strong afterthought. But no matter what the owners do or how much they have poured into their businesses, things may not work out as they desired. Such experiences can be attributable to their lack of understanding of the housing market.
Since Maxwell Drever and his partner possess deep knowledge of this real estate market and understand well where things can go right or wrong, enlisting their assistance makes more sense. It gives hotel owners mental peace and security that their repurposing plan will have merit. Also, their farsightedness can help them secure favorable investments without the need to dig deeper into the pocket, which may be most crucial for struggling hotel owners.
Other factors to consider
As hinted at already, hotels‘ infrastructure tends to be akin to housing structures, but that doesn’t guarantee the success of any project unless one has analyzed its potential from every aspect. Hotel conversions involve diverse considerations, such as the suitable investment or government aids, structural inspection, review of utility sources, mechanical and plumbing health, etc. All these areas demand a closer look to determine the idea’s practicality. When you team with experts for such matters, you don’t have to get into the nitty-gritty personally or doubt your decision because there is the support of people who know their job well.
Hotel conversions for affordable workforce housing can have a tremendous impact on communities and the nation apart from proving advantageous at personal levels. That’s why it can be worth investing in this concept.