Blackpool has been a go-to holiday destination for people in the North-West of England and indeed to the whole UK for many years. In recent times with the covid pandemic more and more people are choosing to holiday in the UK, a huge number of these domestic tourists wish to go to Blackpool. We are looking at buying a B&B in Blackpool.
There are a limited number of places to stay in Blackpool:-
- Bed and Breakfast
- Caravan Park
Probably the most thought of accommodation in English seaside resorts is the traditional bed and breakfast. In this post we discuss the possibilities and pros and cons of buying a B&B in Blackpool.
Why Buying a B&B in Blackpool is a Good Idea
Running a bed and breakfast is an onerous job, a seven day week, long hours and not usually with much help. On the plus side, you are in a beautiful and vibrant part of the country. You are your own boss. Growing demand for your service as the pandemic encourages people to stay home for holidays.
There are many plus points but it does really have to be someting you want to do.
Selecting A Property
The first thing to do is to look on the commercial property site to see what is available in the area. Zoopla etc. are good places to start. The ideal is near or overlooking the beach easy access to the fair, amusements etc. with parking available and primarily decent accounts. Once you have selected a few it is time to consider how you wish to fund the investment.
There are hundreds of different organisations to raise money from to buy commercial property. The first step is to see how much you can borrow, this commercial mortgage calculator can help you estimate how much you can raise: https://www.getmemymortgage.co.uk/commercial-mortgage-advice/calculator/. Once you have an idea how much you can afford its time to scour the market to find the best rates and terms Go Compare or GetMeMyMortgage are good places to go to get some quotes.
Making The Purchase
The first thing to do is make offers on your selected properties. Then you can decide which one to go for. Then you need to select a mortgage provider and a solicitor to carry out the necessary checks. With a bit luck it should not be long until you have your new B&B.