Many people relocating to the Niagara on the Lake area decide that finding a short or long term rental before purchasing real estate is the best option. This route gives you extra time to shop as a buyer and get to know your new location. There are many rental options available in NOTL, but finding one that fits your short or long term needs may be a hassle. Use these tips to quickly locate a great rental home. Continue reading
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Many people dream of owning their own bed and breakfast establishment. In a tourist town like Niagara-on-the-Lake, this dream can be a very lucrative investment. A business venture like this represents a taste of the upscale, quiet and leisurely life for many vacationers, and appeals to those who love getting to know new people. It can be a way to be self-sufficient and make new friends from all over the world.
There are some important issues to address before buying this type of establishment. Here are a few things to consider before you buy your new bed and breakfast.
What Is Your Budget?
This is a question any homeowner has to ask when they buy a new property. When you buy a bed and breakfast you are buying a larger and often more luxurious property than a normal home.
You will need a bigger down payment. If the property is not already an inn, there may be renovations needed. Each room will need its own bathroom, for example. Make sure that you can afford the costs.
Can You Handle the Business?
Make sure that you are customer service material. Not all of your guests will be pleasant and friendly. Some will be demanding, some will be argumentative and some will be rude. There will guests who may show up in the middle of the night and expect to check in.
Through it all you will need to provide breakfast for your guests every morning, and services throughout the day- all while maintaining a pleasant and professional demeanor.
Your family will be affected by this lifestyle change as well. They may need to help with the chores or just deal with strangers in your life. Running an inn can mean combining your home life and your business. This can be very rewarding, but also stressful.
Income and Funding
If you plan to use the business as your primary income, make sure that you have enough rooms available to cover your needs. Be sure to do a budget and profit forecast. You should also make sure that you have enough cash on hand to carry you through difficult times while you are getting your clientele established.
If you ask the right questions and are prepared for the adventure ahead, a bed and breakfast in Niagara-on-the-Lake can be a wonderful business. It represents a unique and exciting way of life for many who choose the path, and it can result in a lot of success. If you are ready to begin exploring the possibility of owning this kind of business, contact Kevin Stokes today!