Exploring Real Estate Market Trends

Buying Corporate Housing Could Save Your Business Money

Businesses frequently need their employees to travel to other locations. Sometimes, it is a branch in another city; other times it may be to conduct business with prospective clients or business partners. For brief business trips, employees are typically booked a hotel room.

While a stint in a hotel room is fine for short trips, it may not be suitable for long-term assignments. Additionally, hotel rooms may not be in the company's best financial interest long-term. Instead, buying real estate that works as corporate housing may be a better use of company resources as well as a financial investment. If your company is considering purchasing corporate housing, here's what you need to know.

What Kind Of Home Would Work Best As Corporate Housing?

Single-family homes, duplexes, multiple unit buildings, and condominiums can all work well as corporate housing. This will largely depend on where you are buying. Some cities may have a smaller housing inventory and won't have as many choices to offer. Additionally, you may want to make sure your corporate housing is close to wherever your employees will be primarily working and conducting business. It is best to hire a buyer's real estate agent to scope out ideal options for you.

What Kind Of Amenities Will You Need?

Obviously, whatever building you decide on will need to be furnished with the basics. The kitchen will need to be fully stocked with pots and pans, utensils, dinnerware, a microwave, and other appliances. The dining area will need a place to eat. Each bedroom will need a bed, dresser, side tables, lighting, bed linens, a clock, and a television. The living area will need seating, tables, and a television. The bathroom won't require much, but it will need basic linens and a shower curtain and liner.

Because most business hotels have other conveniences, such as a gym, you may want to consider providing a home gym with a few basic pieces of workout equipment. Additionally, you may want to provide a washer and dryer for the employees to wash both used linens and their personal clothing.

What Other Services Are Needed For Corporate Housing?

You will most likely need to hire a property maintenance service. Depending on the home and the location, you may need lawn care and snow removal. You may also need a periodic cleaning service after each long-term stay. While you can expect your employees to do the basics, they won't be dusting the ceiling fan and doing deep-cleaning. A property maintenance company can also provide security during vacant periods.  

For more information, reach out to companies like Corporate Relocation Inc.