Construction and Remodeling

[Emeo2004]

First, it has never been run as a B&B. If you already have 5-7 rooms how do you know you can fill those? Get it licenced and up and running first.
As to additions, I would never do cottages. It is a hassle to clean. You have to lug all the cleaning equipment from one to another. If you want more rooms I would see if you can get the permit to exand a building. Uless, I guess from what you are saying you have plenty of money and plan to hire cleaning help.
And make sure that the property is zoned for a B&B. The quickest way to loose all your income is to try and change zoning.
RIki.

Riki brings up the points I would question... is this a location that has high tourist volume already? 12-14 rooms might be ideal for income, but only if there are guests IN the rooms... just wondering since this property doesn't have a track record to view. With no prior business traffic you need to spend a substantial amount for advertising to fill the rooms (unless you are in a highly visible location or the area is desperate for rooms for travellers).
Personally, (imho) I would lay out minimal expense on renovations/additions until after a season or two to get a feel for the market demand... only what you need to present a desirable product...
.

Yes i would agree with bc that you may want to check if local tourism bureau has any kind of statistic for the past years so that you can project your occupancy rate more realistically. The target of 12 - 14 units is a lot for starting. But most important of all, you need to figure out what your occupancy rate is to break even for the month.

 

[Samster]

I would advise seeing if you can fill the rooms that you'll have at any kind of reasonable occupancy before expanding even without having any info as to where this location is, what the tourism traffic could/would be, etc. Even with 5-7 rooms in 2 buildings with some help, this will be a bigger undertaking than you probably think. Not to mention that this is a huge property. Even those of us who are not afraid of very hard work will probably agree with that.
But if you were to decide to expand, separate cottages I would think would be the way to go with that size property. Cottages/cabins are what folks look for when they get away from it all, I think, in a pastoral setting.
Add 50% to whatever you think you need to do in renovations and outfitting a start-up and you might be in the right ballpark.

Best of luck in your endeavors.

 

[Joey Camb]

I would advise seeing if you can fill the rooms that you'll have at any kind of reasonable occupancy before expanding even without having any info as to where this location is, what the tourism traffic could/would be, etc. Even with 5-7 rooms in 2 buildings with some help, this will be a bigger undertaking than you probably think. Not to mention that this is a huge property. Even those of us who are not afraid of very hard work will probably agree with that.
But if you were to decide to expand, separate cottages I would think would be the way to go with that size property. Cottages/cabins are what folks look for when they get away from it all, I think, in a pastoral setting.
Add 50% to whatever you think you need to do in renovations and outfitting a start-up and you might be in the right ballpark.

Best of luck in your endeavors..

Having seen the map would be a bit concerned about the maintenance of all that land and would be wary not knowing the local area ie where is what I would call the 2 hour zone. This is your biggest catchment area unless you are very near an airport. Also if you want any corporate trade you need some medium to large business in the 30 minute zone. I am always very wary of I will build it and they will come. What are the tourism stats for the locality? what are the occupancy rates and average room prices (all valiable from booking web sites) are there any good attractions nearby? ie the worlds biggest ball of yarn, home of Jack Daniels, liberty bell etc that would be an all round draw? I don't know the area so cannot comment but I know from B&B's all over its a heck of a lot easier to make money with a built in market.

 

[Weaver]

Thank you for all your comments. I have checked the tourism stats and that is one of the driving forces to this location. The property sits in the middle of two good sized metro areas, about 30-40 mins to each. I have checked the room rates in the area, and other properties offering similar amenities and style in the region.
The community hosts some good public events, has a strong tourism board, and several smaller inns.
This venture would be substantially larger in scope than I had origianlly planned, however when opportunity knocks....gotta a least look into the possibilities.
Sorry if I am a little vague at the moment but, since no contract is in place I need to be mindful of sharing too much detailed information on a public forum.
Not that I don't value what you folks have to say, honestly I do, however, without a contract signed, sealed, and delivered I am still in speculation stage and must keep certain information confidential.
I have spent several days running numbers and at this time I am with the majority here, start with the 7 rooms in the two large houses, push for the equine tourism and occupancy, and when and if I am ready build cottages.
Wade in slowly and feel out the guests and what they might be looking for is sound advice. Rome wasn't built in a day. All of you have had many great points, and have given me pause at one moment or another. Sometimes, hearing what you know to be right from someone else, makes it seem a little more right in your own head. Perspective is a wonderful thing.

 

[Joey Camb]

Thank you for all your comments. I have checked the tourism stats and that is one of the driving forces to this location. The property sits in the middle of two good sized metro areas, about 30-40 mins to each. I have checked the room rates in the area, and other properties offering similar amenities and style in the region.
The community hosts some good public events, has a strong tourism board, and several smaller inns.
This venture would be substantially larger in scope than I had origianlly planned, however when opportunity knocks....gotta a least look into the possibilities.
Sorry if I am a little vague at the moment but, since no contract is in place I need to be mindful of sharing too much detailed information on a public forum.
Not that I don't value what you folks have to say, honestly I do, however, without a contract signed, sealed, and delivered I am still in speculation stage and must keep certain information confidential.
I have spent several days running numbers and at this time I am with the majority here, start with the 7 rooms in the two large houses, push for the equine tourism and occupancy, and when and if I am ready build cottages.
Wade in slowly and feel out the guests and what they might be looking for is sound advice. Rome wasn't built in a day. All of you have had many great points, and have given me pause at one moment or another. Sometimes, hearing what you know to be right from someone else, makes it seem a little more right in your own head. Perspective is a wonderful thing..

Dont get me wrong potential is very valuable for exampe when we took this property on it only had 8 letting bedrooms now it has 12 with 3 being added at very little expenditure and they are our most popular rooms. We also are looking at expanding sideways into the next building in our terrace which will be very expensive so when I win the lottery! But it is definately something to have in mind.

 

[Emeo2004]

Thank you for all your comments. I have checked the tourism stats and that is one of the driving forces to this location. The property sits in the middle of two good sized metro areas, about 30-40 mins to each. I have checked the room rates in the area, and other properties offering similar amenities and style in the region.
The community hosts some good public events, has a strong tourism board, and several smaller inns.
This venture would be substantially larger in scope than I had origianlly planned, however when opportunity knocks....gotta a least look into the possibilities.
Sorry if I am a little vague at the moment but, since no contract is in place I need to be mindful of sharing too much detailed information on a public forum.
Not that I don't value what you folks have to say, honestly I do, however, without a contract signed, sealed, and delivered I am still in speculation stage and must keep certain information confidential.
I have spent several days running numbers and at this time I am with the majority here, start with the 7 rooms in the two large houses, push for the equine tourism and occupancy, and when and if I am ready build cottages.
Wade in slowly and feel out the guests and what they might be looking for is sound advice. Rome wasn't built in a day. All of you have had many great points, and have given me pause at one moment or another. Sometimes, hearing what you know to be right from someone else, makes it seem a little more right in your own head. Perspective is a wonderful thing..

Sounds like you are in the right track. Yes i agree with you - guard all the sensitive info as much as possible. You never know...
But i wouldnt hesitate to purchase the property now since real estate is at its lowest for the last 7 - 8 years, if you have the means and you feel passionate about doing it. : )