Buying a pub is a big investment, so it is important that you are 100 percent sure it is the right choice for you before to commit to investing in a drinking establishment. Below is a guide to three things you should consider to make sure that buying a pub is something that you really want to do.
Have you got what it takes?
Many people love the idea of owning a pub. However, the idea of owning a pub and the reality of owning and running a pub are two very different things. For example, while you might imagine it will be a pleasant life serving drinks to friendly regulars and occasionally changing a barrel of lager, the reality could be totally different. Owning and working in a pub will often mean working very long hours, as you need to set the place up before you open the doors and spend time after the place as closed tidying up and sorting out the till receipts. This isn't to say there won't be pleasant experiences and it can feel very rewarding being a key part of the community. However, you should be prepared to work hard, especially at first.
Do you know what kind of pub you want to run?
Unless you have a very clear idea of the type of pub you would like to run, you shouldn't purchase a pub. Pubs come in many shapes and sizes and with a vast variety of clientele. If you want to open a quiet pub in a city centre location, it just isn't going to work. If you want to open a rock pub which has a heavy metal jukebox, looking at pubs for sale next to residential areas probably won't work out very well either. Ideally, you should be looking for a pub which matches the kind of establishment you want to run. Quiet pubs are more likely to thrive in small towns and the countryside. A rock pub is better suited to an urban area which doesn't have people living nearby.
Do you know your budget?
Before you approach a hotel or pub broker, you should have a clear idea of your overall budget. If you do not, it will be challenging for the broker to find the right property for you? The cost of buying or renting a pub can vary depending on the location, the condition of the building and the annual turnover of the existing business. Take the time to establish just how much you can spend before looking at what is on the market.
To find out more, you should contact a property broker today.