Sorry, another first time buyer!
For quite some time I have been looking at the options available to me to move into the pub business. In order to release the capital necessary I would need to sell my current property, after doing this I should have no less than £100k available to put into the venture and will be looking for financing for the remainder. Ideally I am looking for a rural pub where I can increase/introduce food sales, being a single female I would be happier being within a village than in the middle of nowhere! Having read the numerous comments listed in the publican community section I understand that buying a freehold property is to be desired, and it certainly would be a preference to me. Am I being mad to consider such an option, although I have spent the last 8 years selling wine it was prior to this the last time I spent any time working in a pub (I have done various stints both behind the bar and in the kitchen). I suppose the biggest questions I have are:
-Being single will this create too great a financial strain on the business due to necessitating additional help?-What areas should I concentrate on - at the moment I am very keen on Devon or Suffolk - will these be out of my price range?-How much should I be looking to spend, bearing in mind the capital I should have and the repayments of business mortgages etc-Will a bank give a provisional decision on lending based on credit rating etc and before I have found a property, I do not want to sell my property and then find that this is not a feasible option.-What questions should I be asking myself?
Any help or suggestion would be much appreciated. Philippa Rome