Benefits of Owning an Inn
BENEFITS OF OWNING A BED AND BREAKFAST / INN
The Bed & Breakfast business offers investors the opportunity to operate a family business and make a living from the comfort of their own homes. Owning a B&B can be personally and financially rewarding, but requires hard, skillful work. Innkeeping, like any other career, demands individuals who are sufficiently qualified for the job. An Innkeeping seminar is generally the first step for aspiring Innkeepers. Bed and Breakfasts are most likely to be successful in a large city or in the vicinity of a tourist-oriented attraction. Just a few of the many benefits of owning a B&B are listed here:
1- Gracious lifestyle. Live in a mansion in a historic part of a city or on a country estate. Both qualify as Bed & Breakfasts, as long as you let guests stay while paying you for the privilege.
2- Living in a historic home. Many Bed & Breakfasts are well-maintained, historic homes with great charm…but with guests paying your expenses! The opportunity to own and operate a Bed & Breakfast offers the chance to live in an impressive historic home, often located in the best part of town -- an opportunity that otherwise would be impossible for some investors without the income earned from the Bed & Breakfast guests and other revenue derived from special events, weddings, gatherings, etc.
3- No clocks to punch. Be your own boss! Work for yourself, at your own pace, with no job stress and take as much time off as you please by hiring an experienced Innsitter or a full-time manager if you wish to be an absentee owner. Transfer your calls to your cellular phone while away from the B&B. Book rooms and sponsored special events through an efficient “reservations-on-line” service that allows your guests to book their own reservations directly from the Internet.
4- Step to Retirement. Owning and operating a B&B is particularly ideal for the semi-retired. Folks can keep busy, active and income-producing. Many Innkeepers consider the ownership of a Bed & Breakfast as a step towards full retirement. (Operating a B&B, however, can be perfect for any person or couple of any age who work well together. Many younger couples end up owning and operating more than one B&B in their communities in order to accommodate overflow guests.)
5- Most important advantage of owning a B&B/Inn: the “underlying incentive” to own one.
Many of the expenses incurred by running a B&B/Inn are deductible, such as health insurance, utilities, maintenance, labor for cleaning guest rooms, supplies, auto expenses, dining out (to check restaurants in the area in order to recommend them to guests staying at your B&B/Inn), travel and cost to attend conventions and seminars and trips to see how other B&Bs are operating (to compare them to what you are doing) that also can double as effective networking tours to promote your own business. An array of expenses* can be legitimately deducted from before-tax-income unlike traditional homeownership where home expenses must be covered by shrunken, after-tax dollars. (*Consult your own CPA or tax advisor for a complete list of allowed deductible operating expenses.)
6- Property appreciation. Because of “pride-of-ownership” typically shown by Innkeepers, most B&Bs/Inn tend to be meticulously maintained. Increasing the income of an Inn can complement top maintenance, eventually reflecting higher resale value. At sale time, well-maintained B&Bs/Inns appraise for higher dollar amounts, resulting in handsome profits to selling Innkeepers. An under-performing B&B, (underperforming either because of inadequate marketing or as a result being open only part-time) can be revived by a new owner resulting in a dramatic increase in income … and an equally dramatic increase in the value of the business property!
7- Benefit of Timing: Now may be the best Time! No matter what one purchases in life, there is that old adage, "Buy Low, Sell High!" With our current world economy bringing real estate prices to recent historic lows, why not take this opportunity to buy now, when prices are, indeed, most advantageous to investing for future profits? California has always been the favoured destination for travelers from all over the world. Increasingly, visitors from other continents -- as well as the San Francisco Bay Area -- are spending more time appreciating the natural wonders and healthy lifestyles of the GoldenState! Our economy will come back so prepare now by investing now. Take advantage of this opportunity and, then, reap the many benefits of your wise investment when our world economy becomes robust and thriving once again! And, by purchasing now, you will personally benefit from the daily, cost-free joy of living among the Redwoods, on the banks of the Klamath and along Northern California's majestic PacificCoast! Hardly a human, or business, gamble!
