Need help deciding

[eyevea]

Insurance and taxes aren't my biggest worry here at all. In fact cost of living is terrific where we are. Old houses needing major reno's is the biggest cost. If you don't upkeep your place or do reno's then you can make even more cashola!.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.
.

Do you have to pay for your own health insurance? I don't know where you are and I know that many inkeepers on here are from Europe where there is universal health care.

Health care will probably be your biggest expense, bigger even than property taxes. If you can't get in with a chamber health care plan it will run around $1200/month for 2 with no health issues. But, the price goes up as you hit milestone b'days. Your best bet is to scout around for it now. Find out what groups you can join to get group insurance. Buying a stand alone policy is cost prohibitive for any biz owner. The deductibles run around $5000-$10,000 so they are really more for catastrophe than 'casual' sickness or health screenings.
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[
[/quote]
Health care will probably be your biggest expense, bigger even than property taxes. If you can't get in with a chamber health care plan it will run around $1200/month for 2 with no health issues. But, the price goes up as you hit milestone b'days. Your best bet is to scout around for it now. Find out what groups you can join to get group insurance. Buying a stand alone policy is cost prohibitive for any biz owner. The deductibles run around $5000-$10,000 so they are really more for catastrophe than 'casual' sickness or health screenings.
I already did the research. I can stay on my great health insurance at work for about $1100/month. I researched other companies and it would be more expensive and really crappy. And you're right...that's more than my taxes would be

 

[Innkeeper To Go]

We looked at 11 different places, examined financial from about 15 places, and have really done our homework. We want a place that is financially viable.

Be very sure that you don't overspend to get a "Financially viable" Inn. I don't know your definition of viable, but while my little three room Inn pays for itself, it wouldn't support us entirely. On the plus side, it could still sell as a house, and we could still afford to live here if the worst happened and we had to close for whatever reason....that makes it viable in my eyes!.

For us, financially viable meant that we wouldn't need to have other jobs. In the areas where we were looking, outside employment wouldn't have been an option and ultimately, the reason we decided to withdraw our offer was just what you said...what would happen if it didn't work out or one of us got injured or sick (or worse). We couldn't have sold it as a house and we couldn't have lived in it as a house.
Anyway, it seems we're plotting a new course now and things could work out even better.
.

For us, financially viable meant that we wouldn't need to have other jobs.
This also means different things for different people. I can live quite happily on a lot less than many other people. DH was worried what would I do if he dies and I no longer have his SS check. I can live on MY SS check and my pension IF I do not have HIS expenses. But neither of us drink nor smoke, we did our traveling, and are quite happy living in Podunk. Our big problem is staying out of book stores.........
If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B. The income will not be viable because taxes, insurance, marketing, broken plumbing, a snow storm, a broken car - whatever will be there just waiting to suck up that extra money you thought you were going to have from a bonus reservation!
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If you require a new car, travel, a good wine, fine dining, the theater, keep your day jobs and do not consider operating a B & B.

Or, you can have a B&B that makes enough money for you to do those things - well, some of them anyway. I do. Cars aren't particularly important to me. I enjoy eating out - often lunch, which is less expensive, or at the restaurant that appreciates our referrals with a 30% discount - and I can see pretty good theater for cheap or free in this town if I volunteer to usher. We bought a viable property in a good location. We won't get rich doing this, and I'm happy not to have to send anyone to college, but we have lived pretty comfortably on the income from our inn. In the last year we've had extra as DH has gotten back into software consulting to prepare to transition out of the business, but it all goes straight to savings for when we're ready to move. It's not impossible to have a financially viable B&B business.
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You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.
Enough to live on is relative is what I was saying. I knew a guy from Wheeling that was offered a job in Illinois at a salary of $18K a year. He thought he was in hog heaven. Then he got to Illinois and found out it would cost him as much for rent as he had been making a month in WV - he may be making $18 K but it would cost him $18.5 to live. THAT is what I was trying to say. Please do not think I do not believe it can be done to make enough with an inn to live on. I know it can - depending on the people involved.
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You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.

I got your point, actually, and agreed with the first paragraph of your post. What is a viable living to some is not a viable living to others. Your second paragraph went on to list all the reasons why a B&B will 'suck up all your extra money' and will barely cover operating expenses (taxes, insurance) or an emergency - and that's not accurate. Many, many B&Bs do cover those expenses and still provide enough for living, even if at a lower level of personal expenses.
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You missed my point. I was saying what is viable for one is not viable for another, I was not saying it cannot be done - many do it, however this lady has not said anything that sounds as if she should do anything other than keep her day job.

I got your point, actually, and agreed with the first paragraph of your post. What is a viable living to some is not a viable living to others. Your second paragraph went on to list all the reasons why a B&B will 'suck up all your extra money' and will barely cover operating expenses (taxes, insurance) or an emergency - and that's not accurate. Many, many B&Bs do cover those expenses and still provide enough for living, even if at a lower level of personal expenses.

I agree with you Muirford. So often the posts here emphasize that if you own your own b&b, you will barely have enough money to pay your bills. Yes, there are definitely innkeepers out there who are experiencing this, especially in this economy, but we have to remember that it's not the case for everyone. For those folks who have a good down payment so that they're not so under pressure with a huge mortgage payment, you can find an underperforming b&b and even in this economy, with careful planning and marketing you can set yourself up to own a b&b, and have a nice income. For us, it's not the lack of money we're making, it's the time we don't have. Many of us are doing much better than just paying the bills, but I've been slammed on here before for making those type of statements in the past.
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So often the posts here emphasize that if you own your own b&b, you will barely have enough money to pay your bills. Yes, there are definitely innkeepers out there who are experiencing this, especially in this economy, but we have to remember that it's not the case for everyone. For those folks who have a good down payment so that they're not so under pressure with a huge mortgage payment, you can find an underperforming b&b and even in this economy, with careful planning and marketing you can set yourself up to own a b&b, and have a nice income. For us, it's not the lack of money we're making, it's the time we don't have.

All very true. While some inns are struggling, many inns are doing just fine.
For folks who need or want an income from the B&B, size matters. Size also determines how much staff the B&B can afford for those owners who want more time off.
The allure of a small B&B that can be solely operated by a couple is compelling for many people. The reality, however, is that it's often much easier to run a larger inn because the increased revenue also means staff.
There is no one-size-fits-all model for B&Bs. What the owners/innkeepers want and can achieve varies as much as anything else. Each is unique. Many are quite viable financially.

 

[Innkeeper To Go]

woo hoo got to love the NHS!.

woo hoo got to love the NHS!

Oh sure, rub it in.

 

[EmptyNest]

woo hoo got to love the NHS!.

woo hoo got to love the NHS!

Oh sure, rub it in.
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Ok...let's not start down this road...nip it in the bud...now please

 

[Blenderboy]

Is it me or are there a lot of newbies this week? As a full time crazy woman I love my work but then I have a full time chamber maid who works 7 days a week who helps me as well as my parents to sit in for free if I want a night off. The people who get burn out the fastest are the ones who don't realise how much work it is and think it is like being a hotel owner and you spend you time doing a bit of breakfast and swanning about. It isn't it is 24/7 365 days a year and you have to wear a million different hats every day. It is about learning to delegate and training and retaining good staff to help even if it is part time. If you don't mind me asking how many rooms?
If it comforts you any I have been in the hotel/B&B biz for 20 years and still love it but I always say to people thinking of getting into the biz it will be the hardest work you will ever do but it will also be the best laugh you ever have as well..

thanks. The place we're negotiating for has 10 rooms, all with private baths and the current owners run it themselves, and we plan to as well. But, I know they have busier times and slower times. They're open all year and get some ski business, and some business from business travelers. They're busiest months are Aug. and Oct. Lots of vacationers in Aug. and leaf-peeping in Oct.
What I don't understand is why is it 24/7 365 days/year if there is only a 30% occupancy rate. I would think there would be "downtime" from playing hostess...not that there isn't always work to do, but we always find that there is work to do i the house we live in...so how is it different?
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Interesting point on 30% occupancy during a severe economic downturn.
You have sifted out the weak businesses already by nature of the financial viability.
Probably a good time to buy with less risk ( as a place in business now IS weathering the economic storm ).
My parent's place in in Vermont and it is hard work, they are in there 70's and love it.
Our place is in Newport , it is hard work, and more rewarding than any hotel/motel could be.
I think you are in a good place for making a decision. Good luck !

 

[cherry64]

Is it me or are there a lot of newbies this week? As a full time crazy woman I love my work but then I have a full time chamber maid who works 7 days a week who helps me as well as my parents to sit in for free if I want a night off. The people who get burn out the fastest are the ones who don't realise how much work it is and think it is like being a hotel owner and you spend you time doing a bit of breakfast and swanning about. It isn't it is 24/7 365 days a year and you have to wear a million different hats every day. It is about learning to delegate and training and retaining good staff to help even if it is part time. If you don't mind me asking how many rooms?
If it comforts you any I have been in the hotel/B&B biz for 20 years and still love it but I always say to people thinking of getting into the biz it will be the hardest work you will ever do but it will also be the best laugh you ever have as well..

thanks. The place we're negotiating for has 10 rooms, all with private baths and the current owners run it themselves, and we plan to as well. But, I know they have busier times and slower times. They're open all year and get some ski business, and some business from business travelers. They're busiest months are Aug. and Oct. Lots of vacationers in Aug. and leaf-peeping in Oct.
What I don't understand is why is it 24/7 365 days/year if there is only a 30% occupancy rate. I would think there would be "downtime" from playing hostess...not that there isn't always work to do, but we always find that there is work to do i the house we live in...so how is it different?
.

Interesting point on 30% occupancy during a severe economic downturn.
You have sifted out the weak businesses already by nature of the financial viability.
Probably a good time to buy with less risk ( as a place in business now IS weathering the economic storm ).
My parent's place in in Vermont and it is hard work, they are in there 70's and love it.
Our place is in Newport , it is hard work, and more rewarding than any hotel/motel could be.
I think you are in a good place for making a decision. Good luck !
.

Interesting point on 30% occupancy during a severe economic downturn.
You have sifted out the weak businesses already by nature of the financial viability.
Probably a good time to buy with less risk ( as a place in business now IS weathering the economic storm ).
My parent's place in in Vermont and it is hard work, they are in there 70's and love it.
Our place is in Newport , it is hard work, and more rewarding than any hotel/motel could be.
I think you are in a good place for making a decision. Good luck !

 

[eyevea]

Is it me or are there a lot of newbies this week? As a full time crazy woman I love my work but then I have a full time chamber maid who works 7 days a week who helps me as well as my parents to sit in for free if I want a night off. The people who get burn out the fastest are the ones who don't realise how much work it is and think it is like being a hotel owner and you spend you time doing a bit of breakfast and swanning about. It isn't it is 24/7 365 days a year and you have to wear a million different hats every day. It is about learning to delegate and training and retaining good staff to help even if it is part time. If you don't mind me asking how many rooms?
If it comforts you any I have been in the hotel/B&B biz for 20 years and still love it but I always say to people thinking of getting into the biz it will be the hardest work you will ever do but it will also be the best laugh you ever have as well..

thanks. The place we're negotiating for has 10 rooms, all with private baths and the current owners run it themselves, and we plan to as well. But, I know they have busier times and slower times. They're open all year and get some ski business, and some business from business travelers. They're busiest months are Aug. and Oct. Lots of vacationers in Aug. and leaf-peeping in Oct.
What I don't understand is why is it 24/7 365 days/year if there is only a 30% occupancy rate. I would think there would be "downtime" from playing hostess...not that there isn't always work to do, but we always find that there is work to do i the house we live in...so how is it different?
.

Interesting point on 30% occupancy during a severe economic downturn.
You have sifted out the weak businesses already by nature of the financial viability.
Probably a good time to buy with less risk ( as a place in business now IS weathering the economic storm ).
My parent's place in in Vermont and it is hard work, they are in there 70's and love it.
Our place is in Newport , it is hard work, and more rewarding than any hotel/motel could be.
I think you are in a good place for making a decision. Good luck !
.

Interesting point on 30% occupancy during a severe economic downturn.
You have sifted out the weak businesses already by nature of the financial viability.
Probably a good time to buy with less risk ( as a place in business now IS weathering the economic storm ).
My parent's place in in Vermont and it is hard work, they are in there 70's and love it.
Our place is in Newport , it is hard work, and more rewarding than any hotel/motel could be.
I think you are in a good place for making a decision. Good luck !

.

Is your place in Newport, VT? I have family there. Thanks for the welcome and well-wishes.

 

[eyevea]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look.

 

[Lee2014]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

Glad for the update! Looks like you found Home! May your guests always leave happy!

 

[eyevea]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

Glad for the update! Looks like you found Home! May your guests always leave happy!
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Thanks Lee. We did, indeed, find home.

 

[user 26]

That's great! When I saw this old thread re-opened I thought maybe someone had come in to SPAM. Wrong! And happy to be wrong. Congratulations
I don't see any pictures on the Gallery page? If it's not quite ready, I'd hide that page for now. Just a suggestion. Your place looks amazing.

 

[eyevea]

That's great! When I saw this old thread re-opened I thought maybe someone had come in to SPAM. Wrong! And happy to be wrong. Congratulations
I don't see any pictures on the Gallery page? If it's not quite ready, I'd hide that page for now. Just a suggestion. Your place looks amazing..

Thanks. There are actually a lot of photos on the gallery page. Not sure why you couldn't see them. I just looked, both on my phone and desktop, and they are all there. Can you try again? Thanks again for the compliments. We're pretty excited.

 

[user 26]

re gallery
I can't see any images in one web browser
I took a screen shot of what I see ...

But I can see images in another browser. No idea why. It's probably the fault of that web browser.
Don't worry.

 

[eyevea]

re gallery
I can't see any images in one web browser
I took a screen shot of what I see ...

But I can see images in another browser. No idea why. It's probably the fault of that web browser.
Don't worry..

The formatting looks off as well. Hmm. Can you tell me which browser wasn't showing the images? Thanks.

 

[TheBeachHouse]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

What a beautiful house! Congratulations. Don't be a stranger.

 

[user 26]

eyevea It's Opera. Please don't stress about it. I think Opera is dying. Sorry to worry you

 

[eyevea]

eyevea It's Opera. Please don't stress about it. I think Opera is dying. Sorry to worry you.

I'm not worried, but wondered if other browsers were off as well. So I checked the couple we have, and for some reason Edge had some of the type in blue...weird, but I was able to fix that, so you helped. Thanks.

 

[Anon Inn]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

Congratulations!

 

[eyevea]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

What a beautiful house! Congratulations. Don't be a stranger.
.

Thanks. I look forward to being a frequent contributor.

 

[eyevea]

Hi everyone. Thought you'd all like to know that my husband and I have finally opened a Bed and Breakfast in Mansfield CT. We found this place after backing out of the deal in New Hampshire 7 years ago. It's 300 years old and needed a lot of work. So, after 6 years of renovations we opened Stone Arches Bed and Breakfast. Thanks for all your advice all those years ago. I hope to be a more frequent visitor here now that we're up and running. StoneArchesBnB.com if you want to take a look..

Congratulations!
.

Thanks, we're looking forward to running this business for years to come.