Any B&B owners here?

[good96]

We have been planning a move to the SW England for a few years now and we’ve just seen the perfect property that we have both fallen in love with. It is a 8 bedroom guest house and in our desired location and well within our budget.
The current owners have lived there since 2001 and modernised it back then but cosmetic work will need to be done to modernise again. Was all re-wired and new roof and extension done back then.

Just wondered if anyone has done this before and any advice? I’m currently working in education and my partner is a hospitality manager so they have some experience - we will obviously be leaving our jobs to solely focus on this (as we have enough cash in the pot to get us going)

Many thanks

Not an owner, just here to ask you to consider the contents of these two threads before spending any more brain time on this:

https://www.mumsnet.com/talk/cost_of_living/5013928-airbnbbooking-com-rental-owners-are-your-bookings-down

https://www.mumsnet.com/talk/property/5048392-hard-times-for-the-holiday-let-industry-in-the-uk?reply=134491515

Have you done your business plan as to how much occupancy you need across the year to just break even, the to replace your salaries? Presumably you have been allowed to look at the last few years of their business accounts?

Do you have children (ex B&B owner here)

Have you taken into account the cleaning, bed changing and early morning cooking you will be doing?

It’s usually fairly profitable but my gosh is it hard work. You won’t really see much of the lovely area you are moving to.

Thanks for all your replies. Yes - we have seen the accounts and they are good. It is a real profitable business but scope to do more which we would! For example, there is scope to introduce carvery on a Sunday to guests and public too as the dining area is large.

If it was loss making then there is no way we would inject our cash into this.

Kids have all left home now otherwise we would not consider this.

We know it is going to be very hands on - but that is what we like. The current owner employs seasonal staff to support and we’d probably do the same.

Our house is currently under offer so we should be in a proceed able place shortly.

Just an update - We’ve had our offer accepted on the B&B / Guest House. It was up for sale for £595k we managed to get it for £550k.

Hopefully we complete by the end of August - we will close for the remainder of the year for refurbishment works to take place with a view to re-opening for the end of the year if not early 2025.
We will continue in our jobs until the end of the year so at least we have an income for now.

Congratulations OP. You've got a lot of hard work ahead of you (ex b&b owner here!) but it sounds like you are going into it with a positive attitude.

Wishing you every success.