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Selling a furnished home
We had an agent come look at our house for an analysis and to see what all we needed to do before listing it around March. He asked us to consider selling our house as furnished. The list price would be based on the unfurnished house, and then there would be a note in the listing that the house is also available furnished for an additional amount.
Now, I would never want to buy a furnished house, but according to the agent there is a market for them in our area. I spent a lot of time and energy decorating the place, and I picked pieces with the intention of moving to our next house. We've been in the house 3 years, and with the exception of the master bedroom furniture (3 years old), everything is less than a year old. So I'm not sure how to figure out the amount for the furnishings because I'd like to use the furniture elsewhere and it's in good condition so I don't want to take a loss on it. I'm thinking we spent probably $20k or so (for a $200k house).
What do you all think about this? Any tips/advice/your two cents?
Re: Selling a furnished home
set a price at which that amount of money would make you OK with parting with your furniture.
if the right buyer comes along and wants it, great! you've got cash to get some of the same pieces again since they're new and should still be available. plus you don't have to move/pay to move all that heavy stuff. if not, then yay! you get to keep your precious.
also, your furniture most likely will not fit as well in a new place. every time we've moved even between rentals, we've have to buy, sell, supplement pieces or settle and just use what we had even though it looked like sh!t. if you like to furnish and decorate with care and to suit your house, it sounds like you'd have fun taking the cash and buying pieces that really fit the new place well instead.
Well, I would say that it's up to you to either accept or decline a price for your furniture but you probably won't get all $20k. Furniture seems to not resale very well but if someone wants it and it saves the hassle of moving, I'd be for it!
My concern would be the appraisal of the house. We sold earlier this year and our old house had a gameroom with a pool table, tv, small dining set, barstools, kegerator, microwave, etc. We made a note in the listing that the TV and pool table were included with the sale (we didn't want to pay someone to move and set up the pool table). The buyers asked for the room as-is. They were not allowed to note the "personal property" in their offer that went to the lenders and had to do an "amendment" or something to list the personal property they wanted. They were not paying us cash for any additional furniture so it was technically included in the list price. I was concerned that the house would not appraise for the sales price because they aren't taking into account that fully furnished room. The bank wasn't allowed to know about any of the personal property that was transferring. I guess what I'm getting at is that I'd want that furniture money in cash and not included in the sales price as the appraisal won't take it into account.
My husband and I actually bought a furnished house. We saw the house and it was staged amazingly. My husband and I veiwed the house with our REA (my BIL) and my sister. We were all commenting on how cutely decorated it was and how the furniture was perfect and jokingly said we would love to move right in.
We knew we weren't buying how the house was decorated, but were buying the house and we loved the layout, etc so we put in the offer $10k below asking. Our REA (my BIL) called with the counter and said you're going to freak. Their counter was $7k higher (so $3k below asking) and they were throwing in all the furniture/pictures/mirrors, etc if we wanted it. My husband and I couldn't understand why they were doing that, but it was a great deal for us as we were coming from an apt and needed furniture to furnish the house. We went back to the house later that night to check out the furniture and make sure it wasn't ruined, stained, etc.
We took the deal! We're not sure how much all of the furniture/accessories costed them. Later we found out that the sellers had just gotten married and were moving to downtown Chicago to live in a condo and didn't have room for the furniture and she was also a interior decorator and wanted new stuff for her condo so it worked out for everyone.
Note: My husband wasn't really on-board as he thought it was weird to have someone else's furniture in our house and you had no idea what was done on the furniture. I didn't understand this as he travels for work and sleeps in a hotel bed that many other people have slept in.
Personally, as a Realtor, I really try to avoid dealing with personal property. Ask any Realtor who has been in the business for any length of time, they will tell you that they have had deals almost fall apart (or actually fall apart) over the personal property - like a refrigerator that isn't worth $500. A million dollar deal gone over $500. So many times people get hung up on small items (refrigerators, lighting, patio furniture) and they lose track of what is important: selling the house. In my experience (and in my market), mixing personal and real property is not a good idea.
Now, that being said, I would talk to the Realtor further. Does he have experience doing it this way? Is it more common in your area? I know in vacation areas it is very common - people buy second homes completely furnished. Obviously, people make it work.
So, if it is more common place in your area and you feel strongly that your Realtor will be able to handle it well, I'd consider it. But carefully because no matter how good your Realtor is, it doesn't mean a buyer will get worked up over a couch and blow the whole deal. Also, can you sell it at a price that you can replace it at? Or close enough to make it worth your while?
Best of luck!
Lighthouse State Beach, Santa Cruz.