Are You Supposed To Tip At A Bed And Breakfast Buying a Bed and Breakfast – Part 2 – Using Due Diligence and Making an Offer

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Buying a Bed and Breakfast – Part 2 – Using Due Diligence and Making an Offer

As a buyer, it is your responsibility to use due diligence. Inspect the property for potential problems such as termites, as well as wear and tear that may be beyond what you are willing to accept. Need to renovate the property to your satisfaction? Not all sellers will maintain your property to your standards, so make sure you know what you’re buying before entering into a sales contract. You don’t want to pay their top dollar if you have to deal with delayed maintenance. Remember, this is not a new home, but an active business you are looking to buy.

Check the property’s financial statements carefully. An accountant familiar with business accounting can be active in checking not only financial statements, but also tax returns. Remember that you are shopping for a business, not just real estate. Get comfortable with your cash flow.

Know what you’re getting into, as much as possible. In order to avoid unpleasant surprises later, study the future plans of the surrounding areas. Confirm that you can manage the B&B as you wish. Check the surroundings. Check out more of the B&B itself. Check the property’s surroundings, including local laws governing the area, so that you can manage your bed and breakfast the way you want it to be.

Be prepared to negotiate. Do your homework and then make your best offer, but know that most people want to negotiate. It’s important to know how you want to negotiate before making an offer. Different negotiation strategies have advantages and disadvantages. If you make a low bid, it may be rejected without consideration or counteroffer. The seller may suspend any future offers, so you may not make your best offer. However, if you present your best offer initially, there will be no room for negotiation later. Be prepared to counteroffer and find reasonable compromises. A sense of the seller’s motivation to sell will help you in this process. Their true motivations are not always easy to discern, although many hoteliers are happy to share some of their reasons.

Most importantly, be patient. It can take months, or even years, to find the right bed and breakfast for you. Take lots of notes and pictures courtesy of the seller. Be flexible with the process and most importantly, have fun.

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