The coronavirus pandemic has negatively impacted the hotel industry and the hospitality sector explains Maxwell Drever. Hence, alternative use of the estate as the multifamily rental apartment has gained popularity. There is an increasing trend in transforming hotels into residential units. The conversion is vital in the face of the hardship of the workforce population to grab a shelter. You must be thinking, why?
These young individuals and families migrating from the rural to the urban sector for job opportunities require a safe and sound home. The insufficient income and growing expenses only add to their survival struggle. In this situation, ownership of a property is never on their list. As a result, rental housing is the only option left before them. These low-income families are facing the issue of homelessness because their wages got cut, and many got fired. With that in the background, the transformation of broken hotels into multifamily residential units is suitable for the economy.
The underlying challenges
The conversion procedure is not without its challenges. There are multiple concerns regarding the transformation that holds back the real estate owners and investors from these tasks. However, eminent individuals like Maxwell Drever have tried to break down the challenges associated with the conversion process and try to make it as hassle-free as possible. These teachers, nurses, construction workers, and firefighters have been enduring a challenging time finding lodging near their job location. Hence, the conversion procedure is cheaper than initiating a new construction in this sector.
Hotel conversion over construction
As illustrated earlier, initiating a new construction is more expensive than hotel transformation. As a result, the hospitality sector developers, investors, and agents look into this option with vigor. These individuals do not have enough financial resources and thereby want to discover a cheap alternative to constructing new units.
Workforce housing and affordable rental estate development projects are expensive options because of zoning provisions, building codes, and high land prices. Hence, Maxwell Drever holds that transformation at a global scale provides rental houses to the workforce population in no time.
Private and public institutions have engaged in the conversion procedure by providing grants and relaxing land-use policies.
It is necessary to ensure better funding for these projects so that more and more individuals undertake such initiatives. For this, detailed planning and its execution are fundamental. The conversion is not a one-day activity but planning at distinct stages. Hence, every section of society must come forward to join hands and reduce this problem of homelessness.
Use appraisal forms and hotel expertise
The conversion process, as illustrated earlier, is not devoid of challenges. To overcome these, proper planning of commercial estate and detailed assessment with the help of experts is critical. Moreover, expertise and experience are significant for these projects to overcome the challenges popping up now and then.
Further, higher authorities must determine building codes, zoning regulations, and housing policies to ensure that they are feasible for the conversion process. The concept needs a better equation and more effort.