I get asked this question by property investors all the time and the honest answer is “probably”.
I appreciate that is not very helpful! So, I thought it would be useful for me to explain in a little bit more, help you understand why I give that answer.
I work with supported living providers of all types, they support tenants with a wide range of needs and because of this, it is very hard to give you a simple specification of kind of property that would suit everyone.
Some providers are looking for individual one or two bed flats in a standard block of flats, others are looking for a small house, some are looking for a larger detached family home, others for an HMO, some look for a whole block of one or two bed flats and others need a bungalow. As you can see every type of property could be needed!
I am hardly ever asked for very large HMO’s. These are often a challenge to manage well and are less popular with providers, however there are a few specialist providers who do look for these properties.
So what is needed? A common theme is the need for properties to be in areas where there are amenities. Ask yourself can tenants walk to a shop? get to the GP? get on a bus or a train? is there a college or school nearby? In special circumstances providers may need a property in a rural or remote area but it is far less common.
Always the property needs to be of good quality and to meet all the compliance requirements such as EPC, Electrical and Gas Safety certification.
Basically, supported living providers vary and so there may be a provider looking for the type of property you own. So, how do you work out if your property is suitable? Why not ask them? I firmly believe building relationships with providers means you can have these conversations directly with them. You can learn the types of property they look for and the areas they are looking for property and then work together to meet this need.
If you want to connect with providers who may be looking to lease your property then have a look at The Supported Living Property Network