Working In Edmond's Long Term Care Communities

7/14/2021 (Permalink)

A topic not always discussed but certainly a concern is the amount of upkeep and care necessary for property (specifically multifamily). A vast part of our population falls under ‘The Matures’, Baby Boomers, Generation X and is profoundly changing our economy, specifically real estate and financial markets. We often refer to these groups as an ‘Aging in Place’ individual or group in a multifamily community. It is necessary that we identify the special needs of the aging community – both the people and the physical structures they inhabit. Special considerations and planning must be made to keep things running smoothly such as mental health, medical and management (financial and maintenance) concerns. Being prepared for the unexpected is key; something we are very familiar with at SERVPRO of Edmonds. We are very careful to follow meticulous covid-19 precautions and even offer covid-19 decontaminations.

Important statistics regarding aging populations and the properties they inhabit:

• 65% of the nation’s owner-occupied homes are inhabited by individuals older than the age of 55.
• By the year 2025 there will be 94.9 million senior adults live in our country thus leading to a higher demand for long term care facilities.

The two areas of major concern include the following:

Architectural Concerns for the property; is the property structurally sound? Damaged in any way? Are the energy efficiency issues?

Physical Concerns for the inhabitants; is the resident safe and in good health? Is their unit outfitted with the correct fixtures for their mobility level? Do they have enough set aside for their retirement income?

According to the Community Association Institute statistics over 60% of condos and HOAs throughout the United States are under-funded for reserve replacements and 4,000 associations have no reserves at all. This is a large concern considering unexpected maintenance and emergencies can happen at any time and we know this all too well at SERVPRO of Edmonds. If you think you have an emergency in your property don’t hesitate to call SERVPRO of Edmonds at 425-775-5723. We have vast experience in multi-family, commercial and residential properties.