I think that you are very wise to start your homework so far advance of your planned move. Im sure that you will receive many (sometimes contradictory) pieces of advice, and here is my twopennyworth, all of which I should stress is solely personal opinion. Firstly I would advise you to be clear in your own mind as to why you want to move to France to try and make your living this way. If it is simply as a means to an end (i.e. a belief that this would give you a lifestyle but the job would be secondary) rather than arising from a desire to work in the hospitality industry as a career choice then I would strongly suggest that you think again. This can be a rewarding way of life but requires a high degree of commitment and motivation. Anyone believing that this involves one day per week of flicking a duster around while spending the rest of their time sipping cocktails is in for a shock. I can safely say that we have never worked so hard before starting our venture. Secondly, you seem to be planning to do this with the involvement of your mother and stepfather. While I know nothing of your family I would advise you to think long and hard about how you are all going to get on when working together. Ive seen a number of close friendships and family relationships broken on this particular wheel. That said, working within an extended family can have significant benefits, for example when it comes to child care or breadth of experience, the value of which should not be underestimated. Thirdly, talking of value, MONEY. While every venture is individual, gite businesses typically yield between 8% and 15% return on capital employed (ROCE). This kind of ROCE might sound attractive compared to bank yields but note that it is gross of costs. As a general rule, most importantly, where a significant proportion of the capital has to be borrowed (50% or more) it is very difficult to make sufficient income to offset all costs and still be left with a living. As far as renovation is concerned, do your sums very carefully and whatever figure you arrive at, double it. This is not being unduly pessimistic there will be items that arise only once work has commenced and for any delays in opening you will be incurring living expenses. If you consider buying a going concern make sure you fully understand why it is being sold there may be good reason, but make sure its not because their market has just evaporated or the property is going to become blighted in some way. Prices for going concerns are grossly inflated at the moment, in my view, probably because the owners are quite understandably taking advantage of the rush of interest arising from the No going Back genre of TV program. Or perhaps they are concerned about market saturation, which certainly is an issue in some parts of France. Either way, the value that they are placing on goodwill seems to vary between 30 and 50% of the asking price based on the acquisition of approximately equivalent un-renovated properties. Finally, perhaps obviously, make sure at least one of your party speaks good French; surprisingly people attempt to establish themselves here with sometimes only a glimmer of language. You will be dealing with artisans and officials practically from the off, so make sure that you can communicate. Whatever you end up doing and wherever, I wish you luck.
