Flipping Fixer Upper Homes

If you're a "people person" and are looking for a way to create a new, home-based income stream, starting a bed and breakfast business in your home might be just what the doctor ordered. However, one primary key to making it work is to find the right B&B house. What should you look for?

Look for Attractions. B&B tourists are tourists first and hotel guests second, so look for an area with things to do and places to see. What's within walking distance? What things are in a short drive? Are there activities for all ages and interests – families, singles and couples? Your real estate company should be able to help you identify good areas with lots to attract guests.

Check the Legalities. Once you've selected a potential area, research the laws within the city or county regarding starting and running your business. There will likely be regulations regarding things like food handling, health and safety, permits, and parking and zoning requirements. Be sure to know what it will take to get up and running in this location.

Know What You Need to Offer. B&B guests have more expectations nowadays than they may have had in earlier times. These expectations for accommodations include things like private bathrooms, free on-site parking and cable or satellite television. What can you offer travelers that they can and cannot get from a traditional hotel or even a home rental?

Choose Your Target Guests. Every area has a different feeling and attracts a different type of visitor. By choosing the area you want to set up shop in, you can also choose the type of guest you want to cater to. Do you want to attract families? Adventure travelers? Motorcycle enthusiasts? Whomever your preferred guest is, choose an area and amenities that will appeal to them.

Don't Overbuy. Stretching yourself too thin when purchasing a house can make it hard to keep your B&B running over time. Consider more than just the initial purchase price when deciding. Keep in mind that you will likely to spend some money converting the house to its new use and will still have expenses like insurance, taxes, start-up costs, and advertising expenses.

By knowing what to look for when choosing a home that you can turn into a great bed and breakfast inn, you can find the perfect place to both enjoy your life and run a successful business.

For a real estate company, contact a business such as Homestead Land Co.