I am the founder of Senior Living Foresight (formerly Senior Housing Forum) and I am passionate about helping the senior living sector grow and flourish. While I am passionately curious about all things related to aging, I am particularly passionate about leadership and helping individual team members live out their dreams because when that happens they are able to help older people live purposeful meaningful lives.
We are in the process of acquiring an empty Building suitable for a Retirement/ Assisted living on shores Georgian Bay Ontario, Canada. We are planning for an approach that is available and comfortable for middle and lower middle class seniors in Ontario. The main expenditure on monthly charges for seniors depend on the following.
1. Cost of borrowing loans and repayments.
2. Expenditure on salaries and benefits for the staff and the Managers.
3. Expenditure on food and activities for seniors.
4. Monthly utilities and the cost of maintenance on the establishment.
In all the above items there is a scope for reducing on Items 2, 3 and 4.
For the first item 1, we are planning to invite 5 years fixed deposits from the seniors who are willing to join in this home and get a fixed discount (10 to 15%) from rents for the rooms they occupy. This will benefit the seniors and also the Investors/Owners of the Retirement home. The seniors get more income every month than the deposits they had else where and the Owners reduce the debt and continuation of more beds filled up. We are planning to invite fixed deposits from 40% of the bed capacity and limit the number. There is scope for opening 60% beds to others.
I would like to invite members to comment or advise for a better way of planning.