If you are thinking about purchasing a London property with the intention of turning it into a hotel or bed and breakfast, there are a few important factors which must be carefully considered. When you buy a property you are making an important financial decision and it is important to ensure that you are investing your finds wisely; with a little careful planning, you can optimise your chances of making the right decisions and running a successful business.

Some of the most important issues you will need to think about include:

• Location. When prospective customers are deciding whether or not to stay at your guest house, bed and breakfast or hotel, this is one of the first factors they will look at, as nobody wants to have to travel long distances to and from their accommodation when they are on a business trip or holiday. If you are located close to major attractions or entertainment venues, you will naturally have a larger market to tap into than if you are in an out-of-the-way location.
• Whether or not the property chimes with your business vision. Before considering buying a property to make into a B&B, it is essential to make a detailed business plan and search for properties which fulfil your particular needs. If the building simply does not have enough rooms, or will not allow you to include the facilities you want to offer to your guests, then it is not the right investment for you.
• Renovations and refurbishments. Some properties are in good enough condition that you could move in and open your business more or less straight away, but some investors will choose properties in need of work in order to save money on the initial purchase. You will need to factor in the cost of any required renovations in order to determine whether or not the property would make a financially viable purchase for you. Whatever property you go for, the chances are that you will need to spend money on some alterations to ensure it is ready for paying guests, such as extra bathrooms.

When you are thinking about making a property investment in Harrow, Islington, Southwark or any other location in the capital, we are here to help you make the right decisions and ensure that your money is spend well.