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Buying a Guest House - Financial Advice Needed!!
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AnnaWalker wrote: »
I am looking to buy a guest house with my sister on the south coast. I have found one which has an asking price of just under £400k. It has six letting bedrooms and offers B&B. They claim to have 75% year round occupancy with a turnover of around the £58k mark. (although I believe it is more than that as the currenbt owners take a fair amount of cash and squirrel it away). My gues is that in reality the turnover is around the £65k mark. The average pp rate is £30 per night and there are 3 single rooms and 3 doubles.
The hotel is in fairly good nick and as a residential house on its own it would probably market (refurbished) for around the £450k mark.AnnaWalker wrote: »The guest house was sold in 2006 for £366,500 to the current owners. He has cancer so that is the main reason they want to sell.#
I have worked in PR & Marketing for 15 years anbd also worked in hotels, pubs and as a receptionist in a country club so I am a good communicator.
Unless I am much mistaken, properties have decreased in value since 2006. This guest house sounds overpriced, what are recent land registry sold prices for others in the area? What is the average change in values in the area since 2006?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
Have you read what current guests think about this place? No idea if it's listed here, but it's worth a look.
http://www.tripadvisor.co.uk/0 -
have done and it has 3 good reviews.0
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