Putting up a motel from the ground up is no easy task. Because of this, many investors consider buying an already existing motel for sale and do the renovation.
If you intend on buying and remodelling, you have to consider three important factors before finalising your decision on any investment motels for sale such as that offered by Resortbrokers.com.au.
Learn the history of a motel you are eyeing as it can make or break your business. Political dignitaries and celebrities who have visited the motel in the past can be useful in promotions. Before buying a commercial property, do a research about interesting focal points about the property and decide how much marketing does it needs.
Remember that a colourful historical background plays a great part in the promotion of a motel. However, the reverse is true if the property has a dark past, which resulted in violence.
Since renovations and makeovers are very expensive investments in the property, you will have to consider its locale.
Ask these questions: Is location perfect for tourists, business owners or transients? What attractions are available in the area? Are there themes that you can use – such as the 70s, modern contemporary, English Renaissance – that would work well for the business?
Check the local market to finalize your decision and if you need to have professionals survey the area for the information necessary, then do so.
The appearance of the motel plays a great part in its marketability. Check the stability of the structure and it is architecture to be sure that whatever you want for the building will not bring the whole place down.
Find out the flaws and strengths of the motel’s structure and estimate your renovation costs. Add this into your purchase price and operations costs as well. Remember you are investing in a business venture and you need to look at it from a profit-making point-of-view. The time frame is also a necessary consideration for your ROI and profit possibilities.
These are only three very basic but significantly important considerations you need to heed when making a motel purchase. With these to start your motel hunting, you can make good choices for your purchase.