It’s not surprising to know that the question most frequently asked by prospective B&B/ Guest house owners is “Can I making a living from running a B&B/ Guest house?”

Unfortunately there is no simple yes or no answer to this question. It depends. There are lots of different variables. Finding the right finance and B&B funding/ Guest house funding is one of the hurdles. Speak to a bed and breakfast mortgage broker for expert advice.

The other problem with working out how much money and how successful you will be is that as most B&B’s/ Guest houses are run from the family home, a lot of the costs involved are costs that you would be incurring anyway even if you weren’t running a B&B/ Guest house.

If you were to look at an existing B&B accounts the profit figure may look small, but that will probably be because they have included a proportion of day to day bills and mortgage interest – some of which you can use to offset against your tax bill. What you can and can’t claim is a bit of a minefield – so please see an accountant!

What Will Your Start Up Costs Be?

Setting up a B&B/ Guest house will involve some cost and some bed and breakfast mortgage advice. Those costs will depend on whether you are setting up in your existing home, buying somewhere else to set up as B&B/ Guest house or buying an existing business. This is where the services of a reputable mortgage broker come in. A  bed and breakfast mortgage broker can arrange a B&B loan/ Guest house loan by utilising the services of leading lenders all under one roof. There are many commercial mortgage products available.  A B&B mortgage broker can find you the best bed and and guest house funding. They can provide the very best bed and breakfast mortgage advice. Both fixed rate and flexible mortgages are available.

If you’re setting up from scratch you may need to install en-suite bathrooms, buy new furniture, install fire safety measures, decorate, commission a website, buy linen etc. Commercial business loans can also be arranged through a B&B  mortgage broker to help you with this.

Be aware that even if you are buying an existing business you may well need to spend some money making improvements. With recent changes in fire safety legislation and the quality standards this may make a big hole in the budget – so do your homework carefully.

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