Food, clothing, and shelter are the fundamental necessities of human life. Every individual deserves a healthy and safe environment. However, every section of society is not entitled to this provision says Maxwell Drever. Some people face the difficulty of getting shelter over their heads. These are the workhorse population. In short, they are the service providers of society. They need a shelter that they can call home.
The economy at present is undergoing a growing demand to cater to this section of the population. The ever-increasing rift between demand and supply is a cause of concern for governments and higher authorities. In such a situation, there are two options. One is undertaking new construction, and the second is the transformation of existing properties into affordable workforce housing. Since the latter is a cost-effective and fast method, people are undertaking a conversion of hotels into residential units. However, things are not that simple and require a different approach.
Housing quality analysis
For policymakers, enforcement of local codes of conduct and housing inspection is necessary.
- A brief look at international reports will reveal that the demand for affordable residential units is increasingly alarming.
- The issue is transforming from the national to the international domain.
- Communities are taking an active approach to ensure safe and quality lodging.
- Various cities are making provisions for regular inspection of properties for transforming these into residential units.
- You cannot create multi-family properties in one day. For this, structural modifications are necessary.
Hence, Maxwell Drever anticipates that higher authorities and government must introduce policies to ease the transformation procedure.
Collaborate with owners
For better enforcement of building codes joining hands with hotel owners and property landlords are essential. Since the cost of housing in towns, countries, and cities increases, a punitive approach becomes vital for enforcing the building codes. Nonetheless, the promotion of secure and safe lodging is the main aim of higher authorities. Property owners must undertake a proper assessment of their properties to ensure that it is feasible for the conversion. Higher charges must assist hotel owners and also help them undertake the necessary repair. You may also use Governmental resources in this direction to ensure better implementation of building codes.
The hotel business and the real estate sector
Since construction is an expensive option for hotel transformation, people turn to the latter. However, real estate developers and investors are grabbing this opportunity to develop several plans. They are working on multiple projects and creating blueprints for undertaking the necessary up-gradation of their properties, as explained by Maxwell Drever. Along with this, governments have come forward with various local programs to offer assistance and tax incentives to the hotel owners.
Investment in quality and safe housing production will never go in vain. Proper utilization of resources will cater to the issue of homelessness and also bring every section of society together. For real estate investors and developers, it is an opportunity to reap more profit. Spreading awareness about the concept becomes necessary here to fetch great returns.