The rise in the number of home and condo foreclosures in Georgia has provided a new opportunity for business-minded people. A lot of homeowners who are finding it difficult to pay their mortgage loans had converted their houses into assisted living premises in an effort to earn additional income.
As the number of foreclosed homes, including Atlanta foreclosures, rises in the state, more properties are left vacant or abandoned. This has led to some homeowners deciding to open their homes to seniors who require care and a place to live which offers an environment similar to that of their former family residences. Although this does help a lot of homeowners, there are also those who oppose the growing trend.
According to some of the neighbors of a number of residential properties that have been converted into assisted living facilities, the growing business of caretaking will weigh down the values of properties further in a time when Georgia foreclosures have already sunk most communities' real estate values. Most of those who oppose such businesses are people who live in residential areas and subdivisions.
The conversion of residential and condo foreclosures, and even non-foreclosed dwellings, into assisted living premises is not really that new in the state, according to the officials of the Assisted Living Association of Georgia. They cited Gwinnett County as an example, where over 200 assisted living homes are licensed to operate. What is new is the emergence of these centers in subdivisions and residential neighborhoods.
Centers located in residential neighborhoods, even foreclosure homes converted into such centers, have garnered the most opposition from neighbors. Although residential assisted living businesses are not prohibited in residential communities, officials stated that people who plan on opening one require a special permit. Complaints from neighbors also play a part in planning commissions' decision on whether to grant a license or not.
According to some people who have opposed plans of converting home and condo foreclosures and other types of residential properties into caretaker centers, neighborhood opposition is often reason enough for a license not to be granted. They also stated that a lot of homeowners are against having assisted living facilities in their residential neighborhoods.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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