ANSWER: Aspiring innkeeper’s needs vary based on many factors. Moving from a single-family home into an inn may be challenging depending on the nature of the space allocated to the innkeeper and their family. Aspiring Innkeepers are getting younger, so children may be a factor in the equation. Some inns have separate residences for the innkeepers/owners, the accommodations may be inside the inn, attached, detached or on separate deeded lots altogether. If the owner’s quarters are on a separate lot, the income from the inn may or may not be sufficient to debt service the home, as such; the buyers be required to purchase the home separately with a residential loan supported by outside income. It is not uncommon today for one partner to maintain outside employment and, as such, may be able to qualify for a residential mortgage on the separate owners’ quarters.
This can be reviewed early on to develop a strategy that best fits the buyer’s financial objectives. It is best to seek professional advice from a knowledgeable advisor to understand your options.