The prospect of working for yourself is almost universally appealing. Of course, it's hard work - but there's a freedom that comes with setting your own hours and obeying your own rules that can fundamentally change your life. This is what draws so many people to the idea of opening their own pub, restaurant or hotel. Of the three options, perhaps the hotel is the most appealing. Everybody knows the fundamentals that make a good stay into a great stay, and there's something very attractive about the thought of living in that luxurious, getaway environment. It doesn't even have to be highly luxurious to have that effect. However, if that is a path you might want to take, here are some things you should definitely consider:
It's worth going through special hotel brokers when making any purchases. That way, there's an additional level of protection; you know that the building you purchase will be fit for purpose, in good standing, and from a reputable seller. Finding a place on the private marker might be fine - but especially if this is your first time stepping into the market, having an expert on hand simply gives you the reassurance that you're not making an expensive mistake. Also, going through a broker will help you work out where to start.
Especially when first starting out and budgets are low, it can be tempting to decide that you'll simply do everything yourself - cleaning, cooking and checking guests in alike. It's perfectly possible to be competent enough at all these things, but you definitely shouldn't underestimate the amount of time it will take up. You don't want guests to feel that their room hasn't had a good clean simply because you're short on time. Sometimes, even in small properties, it isn't humanly possible to cover everything. Equally, if you don't have any hired staff, then the business will have to close whenever you wish to take time off. It is a big drain on your budget - but well worth hiring some staff.
The vast majority of guests you have staying in your hotel will be absolutely fine. In fact, meeting the wide variety of people that come through your hotel may be one of the things that draw you to the idea in the first place! However, you must be prepared in the event that things turn sour. What will you do if a guest is damaging your room, or violently drunk? You should make sure that you and all staff or family members know exactly what to do in the event that a guest causes a problem. Don't wait until it happens to make plans.
It's an immensely rewarding lifestyle to run your own establishment, and the relaxation and joy you see in people who come to visit you will be immensely satisfying. However, it's definitely important to take the job seriously too, and consider all these potential problem areas before you open. That way, once you are open, there'll be nothing standing in the way. Good luck!