You’d be hard-pressed to find somebody who had never stayed in a Bed & Breakfast – or B&B, as they are generally referred to – somewhere in the world!
From centuries-old farmhouses and cottages in England to ‘pensions’ in Spain, ‘zimmers’ in Israel and ‘casa particulars’ in Cuba, it’s a concept known the world over, as an affordable alternative to hotels.
In its simplest terms, a B&B is just that, a bed and some breakfast. But standards and inclusions vary enormously. There might be an ensuite, or you might have to head down the hall to answer the call of nature! You might get a continental breakfast in your room, or a Fully Monty fry-up with all the bells and whistles in the farmhouse kitchen.
But one thing’s for sure: B&Bs are not only still very popular, but are also becoming an increasingly savvy way of boosting your income.
This could be partly due to our new global ‘sharing economy’ – the one that has given us Airbnb, Uber and home-cooked and delivered meals. People are coming up with all sorts of ways of earning money from home, and owning a B&B is one of the best.
The reason for that is that it often allows the owner to buy a larger house, or the home of their dreams, knowing they can supplement the mortgage with the money earned from B&B.
And as we live longer, and therefore ‘retirees’ are younger, it’s a popular way of keeping busy and earning money during that transition from full-time work to full-time retirement!
So all in all, now’s a great time to be selling, or buying a B&B business.
Buyers are keen, often cashed up and have plenty of choice. And vendors are getting the prices they want for the business. It’s a win-win for everyone.
If you’re selling a B&B business, it’s a bit of a cross between selling a business, and selling a home. In effect, it is a home, so you’ll want the property to look fantastic inside and out. Your potential buyers will not only be looking at the property as somewhere to live themselves, they will also be looking through the eyes of potential guests.
Would you want to stay in a B&B that was untidy and dirty, with the repairs not up to date and the garden a mess? No!
If it’s an historic home, they will expect period features, pretty cottage gardens, shady verandahs – the works!
But then you’re also selling a business, so potential buyers will want to see the figures, and be sure that the business is flourishing, and they will enjoy a healthy income from their property.
From that regard, make sure you include information about the area in your sales presentation. For example, is it a popular tourist area? What are the local attractions? Are there beaches, or national parks? Is the property near the wineries? Just think of all the things that would make visitors come to the area seeking accommodation.
There is a solution that will not only cover all of these issues, but will also ensure that you receive the full worth of the sale, without having to pay commission.
Coast to Coast Media is an Australian-owned company – not affiliated with any real estate agency – that helps owners sell their home or business privately, without ever paying commission.
That’s right, you get all the professional services of a real estate agent or broker – plus more – without paying commission.Plus Coast to Coast Media’s buyer match service is quite likely to have your perfect buyer on their books already!