There are many advantages and disadvantages in running a bed and breakfast; what it comes down to is: does it fit your lifestyle and will you enjoy it? If looking to change your lifestyle Niagara on the Lake, Niagara Falls are great places to run a bed and breakfast
1)To be your own boss. You are in control of your schedule. You decide if you are going to close down and for how long. You decide what you are going to offer. You cannot be grey haired out, down sized or basically let go.
2)Earn extra money. People run a bed and breakfast for extra money. It is not normally the only reason, but it is a consideration. How much money you want to make will be a big consideration in what and where you purchase and how hard you work.
3)Tax advantage. When people look at the money they will make the next part is the tax advantage. A bed and breakfast has the advantage that you can write off a good portion of your house expenses.
4)Work at home. No commuting time, no heavy traffic. More time around the family if at home. You live at the bed and breakfast.
5)Maintain other interests. By being at home you have the ability to work your schedule to continue your other interests, for example artists, gardeners, or other job that also works from home.
6)Meet new people and or relieve loneliness. Running a bed and breakfast keeps you in contact with a large range of people, for an older single person it can be an important part of their social life. Return guests become wonderful friends. My line to most people is that I prefer to live alone but I have no interest in being alone. When one spouse passes on, for the most part the surving partner takes the time to re-coup and then re opens to only repeat guests until they get back into it and find having people around quite helpful. Many need to hire a cleaning person to help.
7)Work with your spouse/partner.
8)Take advantage of a love to cook, entertain, or creative. How many times during the year do you really get to set the table up with decorations and prepare new recipes? Your guests will enjoy the effort. A reason to be an interier decorator and have people appreciate the efforts. Some of the B&Bs I have gone into are really quite wonderful - boy do they put me to shame.
These are many of the reasons that I personnaly purchased a Bed and breakfast. I have absolutely no interest in wasting my life sitting in traffic. I actually do not know how I would put that 2 hours per day in to my schedule. I would have to stop gardening. People pay me to stay in my house - that is what I find amazing.
The informaition on this web page concerning bed and breakfasts is based on knowledge concerning properties in Niagara on the Lake, Niagara Falls, Niagara Region. No warranties or representation concerning properties for other parts of Canada.