Is now the right time to buy a Bed & Breakfast in Niagara? In my opinion the time has never been better, because starting in 2012 and continuing until 2014 Niagara on the Lake will be planning many exciting events to celebrate and commemorate the history that helped form Canada some 200 years ago. Hundreds of re-enactors from both Canada and United States will be re-enacting many famous battles. www.1812niagaraonthelake.ca These special events are going to bring in many tourist to the region. The key to buying a B&B has always been location. Niagara is a very popular tourist area with high demand for accommodations. I feel that the next two years are going to make the area even more attractive to visitors. So you might ask when do I start to look? You will need time to find and acquire a bed and breakfast, so if you want to be part of this great celebration we should be looking this December and into the new year. A closing in March or April of 2012 will get you into business for this most exciting time in Niagara. And once you have made the decision to become a B&B owner I will work with you to devise a strategy for finding and acquiring the B&B or Inn of your dreams.
Finding a financial institution that will help you with a mortgage is tough. Most banks will state that B&B must have a commercial mortgage and then of course the rates are higher. In Niagara on the lake, the Meridian Credit Union has decided that Bed and breakfasts can be mortgaged as a residential home. For them to mortgage the property they will need it to be a conventional mortgage (20% down) and an outside source of income. They will consider the income from the previous owners pending enquiries. This is good news for new potential B&B owners. For information on who to contact www.meridiancu.ca or send me a note and I will give you the contact information.
When should you purchase a B&B? Viewing the properties is easier when the owner is not scurrying around cleaning the house getting ready for the next guests. Just as the season is coming to an end is a great time to look! In Niagara-on-the-Lake, the season goes until the beginning of November. However by the last week of October most B&Bs are busy on the weekends but the guests leave Sunday mornings after breakfast. Give the owner a couple of hours to clean the rooms. So Sundays – to Thursdays in the off season are perfect viewing times.
Closing date should be a month to 2 months before the season starts up again, for the Niagara region that would mean between March and April 15th. This allows you not to be moving in the dead of winter and still enough time to get your license, time to start accepting reservations and just plainly ready for the season to start
The informaition on this web page concerning bed and breakfasts is based on knowledge concerning properties in Niagara on the Lake, Niagara Falls, Niagara Region. No warranties or representation concerning properties for other parts of Canada.