Are you looking to own a bed and breakfast? Or getting ready to sell your inn? You have come to the right place. The B&B Team can guide you from A to Z. A for acquisition and Z for zoning, with a lot of stuff in between. Let’s look at O…O for owner’s quarters-the good, the bad and the maybe.
Question prospective buyers often ask; “Tell me about the owner’s quarters. How many square feet? How many bedrooms and baths”? Owner’s quarters have become increasingly more important to our buyer clients in their bed and breakfast search.
- Buyers will be investing in a bed and breakfast for the business value but also for the lifestyle. A property with spacious quarters that offer privacy and a sanctuary from the business is also perceived as valuable. Even though this space does not generate income.
- We are seeing younger couples with families as buyers. They clearly need room for themselves and their children.
- Extended families are also looking to purchase and run bed and breakfasts together.
In the past many innkeepers were willing to sacrifice owner’s space. In other words, live in a refurbished basement or an extra bedroom. Reality… today this is rarely the case.
- If innkeeper seller clients have lived in a smaller space their whole innkeeping career, they may not see it as an issue. More expansive quarters may not have been a priority when they bought.
- Sellers must realize this smaller space will possibly be a negative issue with many of today’s buyers.
But…there are exceptions. The Maybe. If the property’s location is a desirable destination location and the business is strong, buyers may be willing to sacrifice their owner’s quarter’s requirements for a period of time. They may look to build on the property (if allowed) or even move off site (if allowed).We always advise buyer’s due diligence to include researching what is allowed. Sellers too! Good to anticipate today’s buyer’s possible wants and needs when it comes to owner’s quarters.
FACT: Zoning ordinances vary tremendously from one locale to another, and are typically regulated by the city or county planning commission or planning board.
In some municipalities the zoning ordinances will require you to live on-site. In others, not. Are you allowed to have your own private kitchen or not? All good questions that many aspiring innkeepers don’t know to ask. And when they do, our answer is; “it depends’! Again, due diligence.
The ambiance in a bed and breakfast is relaxed, comfortable. A place for your guests to unwind and luxuriate. Why shouldn’t owner’s quarters offer the same? Innkeeper’s days are busy and full. A stress free environment is what you want and need. Clutter free, clean and if all possible, spacious. The Good.
The B&B Team will always advise our seller clients to de-clutter and clean up any accumulated unnecessary ‘stuff’ to avoid prospective buyers from viewing the owner’s quarters as The Bad! Even if the space is not spacious, a good cleaning out can make a small space appear larger. We cannot stress enough how important this is.
“If you don’t love it or use it, it is clutter.”
Thanks for Listening,
Tags: buying an inn, owners quarters, selling an inn, The B&B Team