As the summer season comes to an end and the new season of potential buyers start to look, I think back at my decision to run a B&B I am very glad I did. I have always said that real estate is my job and my B&B is my pleasure. As many of you know I purchased an old run down house and renovated it to run as a B&B. It has been a slow process and I am nowhere near finished but this year I took my own advice and started fixing up my area. Ok do not laugh, but I bought a dishwasher. Yes I am probably the only B&B in town that did the dishes by hand for the last 4 years, but it was more important to me that the guests were happy. For the next group of you buyers, when you are looking at your B&B and what to renovate - figure out how to change YOUR AREA, the B&Bs that sell the fastest all have nice, updated owners quarters. Of course I have said that to almost evey listing I have but do they listen?? By the time they want to sell they are thinking why bother.
Summer of 2012 B&B season started slow but finished with a bang. May, June and July were all down, depending on the location and style of B&B. The good, good location, well run B&bs held on compared to last year, but when August and September hit it was busy. Best August & September in a long time.
As you look through the list of B&Bs for sale you may notice some new ones and some have finally come off the market. As I write this Finaly house is in the process of being sold. I am truly happy for the owners. A couple were off for a while with offers however those did not go through as the rest of Canada is having the same slow down. When there is a slow down in the economy and people are getting laid off, the number of B&B sales go up as it is an easy way to buy a job. Especially since the capital outlay is in real estate, when there is a slow down in housing sales, everything slows down as the buyers can not sell thier houses to move here.
New this fall will be the Course I am putting together on what to look for when buying a bed and breakfast. I have organized for some of the local people who have experience when dealing with B&bs to help answer your questions. Bill King is a lawyer in town who has crafted the clauses that I use to protect the buyer and seller from having to pay HST when buying a B&B, Meridian Trust, a local trust company that will still mortgage B&Bs and not run scared, and the accounting firm of Bidgman & Durksen to talk about things to know when you get started. From there information on how to run and market your B&B. At the end we will take a tour of the B&Bs that are for sale in the area. The goal of this course is to give you the information you need to buy and run your B&B. Should you purchase a B&B from me in 2 years from the date of the course I will give you your registration fee back. My goal in running the course is to give you the information you need.
Hope to see you soon.