What You Need to Know About Employer Housing
Finding reliable employees who can make it to work on time every day is one of the difficult parts of owning a business. One way to address this issue is by providing your employees with affordable housing. In doing so, you can help build employee loyalty, enhance their work-life balance, improve morale, and decrease absenteeism!
At Home Financing Center in Fort Lauderdale and Coral Gables, FL, we have more than 30 years of experience finding the financing solutions our clients need to find or provide affordable housing. Read more on what you need to know about providing employee housing, then contact us to get started!
Finding the Right Type of Housing
There is no one-size-fits-all solution when it comes to finding affordable housing for your employees. The type of housing you provide will depend on the needs of your business, the location of your business, and the type of employees you have.
For example, if you need your employees to be on-call, it may be beneficial to opt for housing that is closer to your business, even if it costs a little more. If the area closest to your business doesn't have many housing opportunities, then you may want to find housing that is near public transportation instead.
Finding Housing That is Affordable to You and Your Employees
Before you start looking at housing options, it is important to determine how you want to split the cost of the home with your employees. If you cover the whole cost of rent, then your employees may be more likely to stay with your company for a longer period of time. If you decide to split the cost, you will need to determine how much you can afford to cover, and what is fair to your employees. Once you have determined a ballpark number, you can start looking for affordable housing options in your area.
Consider the Space Your Employees Need
When you're looking for housing for your employees, it's important to consider the space they'll need in order to be comfortable. For example, if the majority of your employees have families, then you'll need to provide housing that has enough bedrooms for each member. You can also assume that these employees will be staying long term as their children establish their roots in this new home. If you own a seasonal business, then providing housing where employees live together with a shared kitchen may be a more affordable option.
Screening Potential Tenants
It's important to remember that the employees living in the housing you provide are no different than ordinary tenants, and you should take the same precautions a landlord would to protect your assets. This means conducting thorough screenings on your employees. You will want to check their rental history, employment history, and credit score. This will help you determine if they are likely to be a good fit for your housing. You should also require a security deposit, as this will give you some financial protection in case the tenant damages the property.
PARTNER WITH HOME FINANCING CENTER TODAY
If you are thinking of providing affordable housing for your employees, there are a few things you need to keep in mind. Finding the right type of housing, making sure it is affordable, and Screening Potential Tenants are key points to remember. When you are ready to find the financing solutions you need to get started, contact Home Financing Center! Our firm provides quality, local services that you can count on to help you find loans with the best rates that can help you provide quality affordable housing to your employees.