Monday, February 2, 2009

Still searching

We thought that we wanted a B&B. I love big old houses and thought that this will be great, sharing a great house like that with guests. It became obvious to us after seeing few and talking to their owners that this is not the way for us. The reasons: B&Bs represent a certain type of lodging. Very elegant rooms, a lot of old furnitures, and yes....breakfast.
Also, you live in the house and there is very little privacy.
And last but not least, the money issue.
If this is your house and has been for years and now you want to convert it, that is entirely different. But purchasing a B&B that someone else built is usually an expensive deal. You pay a lot for what the owners did. Your income however is depending in most cases on very few rooms.
Remember, this is a business and as such needs to pay for all the expenses, mortgage, your living expenses and still generate some income...
In our search we encounters very few B&Bs that had such cash flow.
In most cases the house was in the family for a long time or the owners, one or two of them worked elsewhere to generate more income.

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