Change of Ownership with Bed and breakfasts in Niagara on the Lake
Turnkey Operations Bed and Breakfasts in Niagara on the Lake, 2013
Easier to buy (or sell) a Bed and Breakfast in Niagara on the Lake
With the change of bylaws and attitude at the Town level about renewal of Bed and Breakfasts, for the first time ever we are closer to be able to use the term turnkey when selling B&Bs in Niagara on the Lake. This just makes it easier to sell and more confident when buying a bed and breakfast in Niagara on the Lake.
Historically, the attitude at the Town was change of ownership – the property must meet all the bylaws again. This was rather nerve racking on me – the realtor selling the property. What happens if the house does not meet the bylaws of the day? What would happen if I sold a property that could not get licensed? In fact there was one property on the market for a number of years that I was just too nervous to sell due to the parking situation. All of this has now changed - just with a small change of attitude.
Now the words coming from the office staff is that if a property has been licensed in the past year then it is considered a renewal, not a new license. This changes everything! Again this is only an attitude, no bylaw was changed but with this if a property has been licensed as a Bed and breakfast for the past ‘x’ number of years and the bylaws (not licensing requirements) have changed, and the property cannot meet them, no issues, the property is grandfathered in. Even if the property has not been licensed for 8 months (which happened to me this year) it is still considered an renewal.
I have to say from an ownership/operator of a Bed and breakfast – no worries, from a Realtor perspective – a big YEAH. I am more confident now than ever in selling an existing property.
Not that you will see the term Turnkey operation on any of my listings because the license is NOT transferable, but it is a whole lot easier. The experiences that my clients are having this year when going through the process has been easy. In fact one couple had a closing on Monday, furniture on Tuesday, inspection on Thursday and guests on Friday. Not sure if everyone would want that experience but with a little help they were able to do it.