If you're being particularly nostalgic, you may be thinking back to many a pleasant evening spent with your friends at the local pub. Those were happy days, where everyone enjoyed their favourite "tipple" in an appealing environment. Fast forward to today and you may be considering an investment in property, but want to ensure that you get some enjoyment out of your commitment, as well. Perhaps you should be looking at a pub for sale, but what do you need to bear in mind with this approach?
Research Is Critical
Firstly, make sure that you do a tremendous amount of research into your target market. You may have seen what appears to be a nice pub on the market, but just because it's there, it doesn't mean that it was (or could be) a thriving concern. Have a look at the competition in the area to see how they are getting on, as you determine the immediate market.
What do you want to do with these premises, assuming that you go ahead? Do you want to keep it "as is" or do you want to add some value? You could convert part of it into a sports bar, or add a proper kitchen and some restaurant tables. In any case, you will have to determine how much to spend on new equipment, fixtures and fittings, or how much it's going to cost you to lease any new machinery.
This is the time to let your imagination run wild to a large extent. Take a number of photographs of your prospect location and talk with the existing publican to get their feel for the property, as well. If you're going to go ahead with this type of project, you want to make the most out of it, while also determining exactly how much cash you will need to go forward.
Checking on Finance
When you've got everything clear in your head, have a word with your bank manager to ensure that you get the correct amount of funding in place. Just be aware, that you might not be able to get the same type of funding for an entertainment venue like this, as you would if you were purchasing a home.
Preparing for Action
Make sure that you talk with experts in this field, to ensure that you are ready to make the right offer to the seller and so that you are as prepared as possible for your adventure ahead.