Broadwalk Business Brokers - Bed and Breakfasts for sale Australia

Bed and Breakfasts for sale Australia

Bed and Breakfasts for Sale

Bed and Breakfast for sale

Farm Stays for sale

If you are considering selling, buying or leasing a guest accommodation property, "Lifestyle Property" or tourist related business, such a a Bed and Breakfast business, or similar guest accommodation property then Broadwalk Business Brokers are able to support you with both information and assistance in your endeavours.

The range and types of Bed and Breakfast properties are diverse in style, cost, location and visiting guests. From Heritage properties, Homestay with families, Guest Houses and Inns, Self-Contained cabins or cottages or exclusive retreats, the diversity is what most folk see as the attraction.

The below information may provide some initial insight to the diversity in these properties.

The variations are summarised but not limited to the following:-

STYLE OF ACCOMMODATION

· Traditional B & B – Generally a 2 or 3 bedroom home with some character. The owner resides on the premises and breakfast is generally served and included in the cost

· B & B Inn– A larger establishment with up to 12 rooms. Breakfast is available generally in a dining room. Owners/Managers are often in residence.

· B & B Cottages and Cabins – These properties are generally targeted by guests wanting privacy and personal relaxation. The cottages or cabins are generally self-contained with various facilities. Breakfast provisions are usually provided in a basket for use by the guests at their leisure. Often there are additional luxuries and spa baths.

· Rural Retreats – These properties are sought by those guests wanting seclusion, peace and tranquillity. The owner generally resides on the property. Often both breakfast and evening meals are available. Many of these properties offer further features such as swimming, fishing and other recreational facilities.

HINTS AND DEFINITIONS

· Ensuite and private bathrooms are for the guests exclusive use

· Shared bathroom means that multiple guests will have use

· Family share bathrooms means sharing with the resident family

· Continental Breakfast generally consists of cereal, fruit, toast, tea/coffee. Full breakfast is inclusive of the same but also has a cooked course.

· Dinner is not always available at a B & B or Guesthouse and it is advised to pre-book with the owners should this option be required

Tips for Sellers

Once you have made the decision that it is time to make a move, there are a number of considerations to take into account.

Ø Presentation of your property - First impressions are very important to a prospective Buyer. It is time to do a 'spring clean' both inside and out and remove all unsightly clutter and rubbish. Put yourself in the shoes of the buyer and do an inspection of your own property.

Ø Time to do some research - Research recent sales in your area to ascertain your market place. This can be done by checking advertisements or speaking with local Broker to get a feel of the current market.

Ø Selling Tools - For Seller's of "Guest Accommodation, Tourist Associated Real Estate & Businesses" there are a number of different ways to assess your current market status. Your Agent at Broadwalk Business Brokers can assist you with this exercise. A number of selling tools are available to help appraise your property to ensure you list at the right price.

Ø Finance and Legal Matters - It is also time to discuss your personal position with your Accountant and Legal Advisors. Subjects to be discussed at this early time is your personal situation regarding Capitol Gains, Annual Income Tax, GST on the Selling Price. If you have a commercial property or a property with a business attached such as a Bed & Breakfast it is important that the break-up and split be discussed with knowledgeable professionals prior to accepting any offer to purchase. Your Broker at Broadwalk Business Brokers can advise you of the questions you need answering.

Ø Licences & Approvals - With regards to 'Lifestyle Properties' - Buyers are fast becoming aware of the fact that obtaining the necessary approvals to operate a Guest Accommodation property can be most frustrating, costly and time-consuming and are therefore prepared to pay that little extra (within reason) for the right property. Other considerations to be taken into account is the Inclusions List (Inventory), Stock on hand, and special features included in the purchase price.

Ø Occupancy and Financials - If you have been operating as a business most buyer's will request some detail on financials. In some cases (particularly with Bed & Breakfast homes or Lifestyle Properties) it is accepted that Profit & Loss Financials are not always available. However, most Buyer's do expect to receive some indication of the anticipated income and expenditure. Your Broker at Broadwalk Business Brokers can provide you with some simple forms to assist you prepare basic financial information acceptable to most Buyers, including details and assistance with acceptable Add Backs etc.

Ø Financing - It is a good time to assess your financial situation and ascertain how much money you will require to relocate and purchase another property after the sale. If your property is a higher value then the one you intend to purchase you should discuss with your Financial Advisor on how and where you intend to invest the surplus. It may be to your advantage to offer some Vendor Finance to the purchaser which can often ensure a sale.

Ø Choosing Your Broker- It is most important that you choose your Broker with care particularly if your property is not a regular residential property. The listing procedure and preparation of a full property profile is an essential part of the Selling process. It is also imperative that the Broker of your choice understands the intricate details of selling Commercial, Business or Lifestyle properties. It is also imperative that the property is presented to a Buyer in the correct way.

TIPS FOR BUYERS

Ø Liaise with your financial advisors and financial institution prior to viewing properties to ascertain your price range and borrowing position. There are a variety of ways to finance the purchase of a property, some more suitable then others if taxable deductions are applicable.

Ø Liaise with your Accountant and Legal advisors to ascertain your legal and financial position prior to entering a Contract of Sale. When purchasing a business or commercial type of property it is important that you are aware of the best way to have the Contract of Sale compiled, particularly regarding the break-up between the residential and business components.

Ø If you are interested in a particular property, make sure you notify the Agent of your interest to ensure you are kept up to date on the status of the property. (eg: price change, contract, other interested parties.

Ø Search out Region information via the internet, tourist information centres or through the Agent.

Ø Compare both the current and past property market by monitoring local sales and if necessary obtain a comprehensive property activity report which is now available from a number of sources.

Ø Have a professional check out the property on your behalf (eg: builder, pest control expert) either before formalising any offer to purchase, or include relevant clauses in the Contract of Sale providing you with a time frame to carry out the necessary inspections.

Broadwalk Business Brokers representatives are able to assist you with any of the above.

Bed and Breakfast for sale

Farm Stays for sale