How to Find the Perfect Property for Your Assisted Living Home

assisted living business plan assisted living investment tips assisted living property search assisted living startup guide best locations for assisted living homes financing an assisted living facility fire and safety regulations for assisted living how to start an assisted living home senior living real estate zoning laws for assisted living Apr 02, 2025

Starting your own assisted living home is exciting—and it can change lives. Not just your own, but the lives of the seniors and families you’ll serve. đź’–

But here’s the deal:
Without the right property, your business can’t even begin.
So, let’s walk through the simple steps to help you find that just-right home for your care business.

Check out the video, too:

Step 1: Build a Solid Business Plan

Before you even begin searching for a property, it’s crucial to have a well-thought-out business plan. Your business plan will help define your:

  • Number of residents you plan to accommodate
  • Required property size (number of bedrooms, bathrooms, and common areas)
  • Geographic location that aligns with market demand
  • Budget and financial projections to determine affordability

Providing specific criteria for your property search makes it easier. For example, telling a real estate agent, “I need a 10-bedroom home in Boise, Idaho, with at least eight bathrooms and a $1.5 million budget,” helps narrow down options and saves time.

Step 2: Understand Your Budget and Financing

Knowing your budget is critical when searching for the right property. Your financial plan should consider:

  • Upfront costs (down payment, renovations, licensing fees)
  • Ongoing expenses (mortgage, utilities, staffing, insurance)
  • Revenue potential (monthly resident fees and additional services)

If you’re unsure how much house you can afford while maintaining profitability, check out our free underwriting calculator. This tool will help you analyze financial feasibility before committing to a property.

Step 3: Choose the Right Location

The location of your assisted living home plays a significant role in its success. Here are some key factors to consider:

  • Proximity to hospitals and healthcare facilities
  • Accessibility for families and visitors
  • Demand for assisted living services in the area
  • Zoning laws and regulations

Before purchasing a property, research the local market and talk to professionals who specialize in senior living real estate.

Step 4: Ensure Proper Zoning and Licensing

Even if a property looks perfect, zoning laws can determine whether you can legally operate an assisted living facility there. Before making a purchase, check with local zoning authorities to confirm that the property meets regulations. You’ll also need to:

  • Obtain a certificate of occupancy
  • Meet the required zoning designations for residential care homes
  • Understand any restrictions on the number of unrelated individuals who can live in the home

Navigating zoning laws can be complex, so it’s essential to work with professionals who understand the legal requirements for assisted living businesses.

Step 5: Get Fire and Safety Approvals

Your facility must comply with fire and safety regulations to ensure the well-being of your residents. The local fire department will inspect your property and determine whether you need:

  • A fire sprinkler system
  • Wider doorways and hallways for accessibility
  • Emergency exit plans and smoke detectors

Meeting these safety requirements is a critical step before applying for your assisted living license.

Step 6: Work with the Right Professionals

Finding the right property for your assisted living business isn’t something you have to do alone. Consider working with:

  • Real estate agents who specialize in senior living properties
  • Zoning and legal experts to ensure compliance with regulations
  • Financial advisors to help you budget effectively

The right team can make the process smoother and help you avoid costly mistakes.

Final Thoughts

Finding the perfect property is one of the most important steps in launching a successful assisted living business. By following these steps—creating a strong business plan, understanding your budget, choosing the right location, ensuring proper zoning, and meeting safety requirements—you’ll be well on your way to running a thriving assisted living home.

To further support your journey, grab your free Business Plan Checklist, which is designed to help you create a comprehensive plan for your new facility. You can also apply to the Assisted Living Investing Mastermind program to dive deeper into building your business plan, finding properties, securing funding, obtaining licenses, and scaling your business.

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