Investing in Niagra-on-the-Lake real estate can offer an excellent opportunity. However, you may not have the available time or resources to maintain your property over the long term.
If making monthly trips to pick up rent and keep up with maintenance does not sound like something you want to do, you still have options for obtaining steady rental revenue. A property management service can perform valuable tasks that save you the hassle of doing them yourself. As long as the services are adequate, you can simply watch the revenue come in with little effort on your part.
The key is to find a property management service you can trust. Your valuable assets and revenue stream should not be jeopardized by a property management service that is literally more trouble than it is worth. Here are some tips for finding someone worthy of managing your properties:
When you consider your bathroom space, adjectives such as beautiful, relaxing and luxurious may not be the first to come to mind – but they should be. With as much time as we spend in the bathroom, making a space that is enjoyable should be a priority. One of the top features buyers are drawn to when searching for a home is a great bathroom. Do not simply make your space functional, use these trending styles for your bathroom to make it the highlight of the house.
Summer is officially in full swing in Niagara-on-the-Lake. This means that there are plenty of outdoor activities to choose from, from festivals to farmers markets. It’s the perfect time of year to leave your NOTL home behind for the day to see what’s happening outside. Here are a few of the many events going on in the area this summer.
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!
The holiday season is upon us, and with it comes family gatherings, big meals and celebration. Along with these things can come higher utility bills.
In order to keep those costs down and be friendlier to the environment, you want to use as little energy as possible. We at Niagara-on-the-Lake Realty would like to offer some great tricks and tips to keep in mind so that you can enjoy a more energy efficient holiday season. Continue reading →