February Newsletter

Hello

Wow! I can't believe it's been a whole month since the last time I wrote to you! In that time we've done so much stuff! I hope that some of you have been following our progress on our blog.  If not, don't worry! This monthly email will get you bang up to speed! Sorry it's a bit long, but we've done a lot!

So, exactly where are we? On the surface it looks like we haven't made much progress. Both our houses remain unsold and we're still living in London.

But if you scratch beneath, you'll discover that we've come a long way. The biggest and most exciting piece of news is that we've found somewhere that we absolutely love. More on that in a minute. For now, here's our summary:

• We haven't heard from Kirsty or Phil, so we assume our application to Location, Location, Location wasn't taken any further... but hey, who needs them anyway?! ;-)
  
  
• The first two weeks of February were filled with more research. We scoured the internet and estate agent websites for B&Bs and guest house properties. And we found a lot out there!
  
  
• I attended a really useful Business Link course which covered Setting and Starting up your Business, Understanding the Finance side of things, an inspirational Life Coaching session and networking.
  
  
• I also attended an HM Revenue and Customs open day seminar event. This was really really useful for me, as I knew nothing at all about becoming a sole trader / partnership, tax etc etc. I still know relatively little, but at least I know what I don't know!! And I know for certain that I need an accountant to help!
  
  
• I continued to plan our trip to the Lakes, selecting a wide variety of properties to visit, in various locations. We wanted to get a really broad feel for what was on offer.
  
  
• We stayed in Staveley at Tarn House B&B with a lovely couple called Tony and Joan. We'd told them about our plans and they recalled many stories of their 40+ years experience! They also gave us tips, hints and ideas for our B&B.
  
  
• Our first trip was to Windermere. To get a feel for it. I was surprised at how much I liked it. I had a preconceived idea that it would be like Blackpool, but it wasn't. I can see that Bowness would get busy in summer, but all in all we gave it the thumbs up.
  
  
• Next we headed to Hawkshead to see what a small Lakes village would be like. We both liked Hawkshead, but couldn't imagine living there. Not only is it tiny, but it's miles from anywhere.
  
  
• After this we went to our first property visit, Grizedale Lodge. A beautiful, and huge, place. It needed work doing, to both the owners accommodation and the letting rooms. And it was very remote. The owners let slip they'd been isolated for 30 days in the snow over winter!
  
  
• Onwards to our next few viewings, all in Windermere. We absolutely loved Braemount. It was just an amazing property and went straight to the top of our list!! It's still very near the top of our list, so keep your eye on this one! ;-)
  
  
• The next day we visited a friend of a friend, Pauline, who runs the Bowfell Guest House in Keswick. Again, she was so kind and informative, passing on lots of information and letting us look at her rooms. And she provided tea :-)
  
  
• We fell in love with Hazelwood Guest House in Keswick, only to find out they'd accepted an offer when we turned up to view it! Ah well, such is the way with house hunting I suppose!
  
  
• We subsequently went on to fall in love with the Slisbury Geust House, although after much thought and deliberation have decided that it's too small for our requirements. It only has three letting rooms and 2 private bedrooms.
  
  
• We also saw a number of other B&Bs in Keswick, all of which we decided weren't suitable.
  
  
• One thing was certain: our trip up north confirmed that buying a B&B in the Lakes is absolutely what we want to do. So we came back and immediately put the London flat on the market.
  
  
• We also came back with our heads buzzing over Braemount. We did more research on it, developed a business plan and got a verbal indication from the Cumberland Building Society that they would lend us the money to purchase it.
  
  
• I developed a snazzy forecasting spreadsheet with variables for number of rooms, occupancy rates, mortgage size and room rates. This has really helped us work out exactly what we can afford and the scope for what we can do.
  
  
• Braemount is at the top end of our budget. It's not ruled out, but we decided to continue to look at what was out there. We'd seen a number of other properties when we visited estate agents on our trip up north, so we arranged to go back to the lakes at the end of February to see some more.
  
  
• In the mean time, I instructed a solicitor to do the conveyancing on the London flat. It took me days to answer all the questions about the property, but we got there in the end! We're now ready to go as soon as we get an offer.
  
  
• The HIPS man came round and stole £325 from me... but it did mean that the London flat could be actively marketed. What a rip off!!
  
  
• I joined the Bed & Breakfast Association and subscribed to Bed & Breakfast News magazine. I got in touch with the Editor of B&B News and wrote the first in a series of articles following our story which is to be published in the next issue. At the bottom of the article I ask for work experience. Watch this space!
  
  
• We've given away so many promotional business cards that we've had to get not one, not two, but three more batches printed! If you want any to give to friends/family please drop me a line.
  
  
• I've completed my Pre-Start Up business course with the Entrepreneurial Club, and feel far more prepared to launch the business.
  
  
• Added lots of new polls to the website. If you haven't had a chance to answer them yet, please visit http://lakesblog.weebly.com/polls.html 
  
  
• I arranged to visit 3 more properties in the Lakes.
  
  
• We decluttered the flat, throwing stuff away and putting things in the loft to ensure the apartment looks crisp and clean for any viewings.
  
  
• Chris and I travelled up for our second Lakes visit on 25th February. He went to work in the Manchester office whilst I viewed properties. First up Chestnuts. A great location in Windermere, and the benefit of having an entirely separate owners cottage from the main house. Really liked it and it's up there on the list with Braemount.
  
  
• Secondly I saw Acorn House in Keswick. Again a brilliant property, a really good business and a fab location in the centre of Keswick. It joins the “top list”!!
  
  
• Finally I saw it, the absolute dream home / business.  It's not just a business. This is a home that can operate as a business at many different levels...
  
  
• Got home and looked at our finances. Worked out we could lower the sale prices on both the London flat and the Preston house. We're hoping that will encourage a quick sale. If you know anyone that wants to buy a flat in London or a house in Preston, please send them these links! 
  
  
• I called Cumberland Building Society to ensure they would be happy lending, they are.
  
  

• I worked hard on a business plan and all the numbers for a 3 year plan, including cash flow.
  
  
• I spoke to Allerdale Council to make sure we could change the property back to business rates rather than council tax. We can.
  
  
• Chris appointed a solicitor for his house in Preston.
  
  

And, if you thought that wasn't enough excitement for one month... my car got recalled for a dodgy accelerator pedal, I got trapped in a toilet and had to escape through a window, and I was diagnosed with a prolapsing mitral valve in my heart! But don't panic, it's all ok!

Life doesn't get more exciting than it is now! ;-)

Again... we'd both like to thank you very much for your support and we simply can't wait for you to come and visit us in the new guest house.  Until next month...

Sarah and Chris xx