Pros and Cons of Buying a Fully Furnished Home
Are you a first time homebuyer nervous about adding the cost of furniture to your big move? Or perhaps you’re thinking of buying a vacation home, but don’t want the added expense of furnishing it? Maybe you’re a busy professional who needs to streamline the purchase process so that you can jump right into your new job? Whatever the case may be, buying a home that comes fully furnished may be just what you need.
If you’re thinking about buying a fully furnished home, here are the pros and cons you should take into consideration when making your decision.
Pros of buying a fully furnished home
Buying a furnished home:
- Can save you money, sometimes thousands of dollars, instead of buying brand new furniture.
- Is a great choice for first time buyers who may not have all they furniture they will need for the house.
- Is perfect for those buying a second home or vacation home and want a property that is move-in ready at closing.
- Is ideal for those who don’t like shopping for furniture.
- Can be smart for those who are short on time, such as people who have demanding jobs or families with young children.
- Can make moving in easier and faster, which is perfect for those who need to relocate quickly.
- Can save you the headache of packing up and moving all your belongings to a new location. Just pack up some suitcases with your clothes and personal belongings, and move right in!
Cons of buying a fully furnished home
Purchasing a home that comes with furniture:
- Means there are more details to attend to in the closing process. You will need to complete an exhaustive list of every item included in the deal, which will be part of the contract.
- Means you may need to get a separate loan for the furnishings.
- Might not be a great choice if you have very specific taste in furniture. You’ll want to make sure that the furnishings that are included in the house are to your liking.
- Can be a gamble, as you don’t know the history of the furniture. You will want to take the time to inspect every piece that comes with the house. Turn on all the lamps, look at all the couch cushions and make sure all the appliances are in good working order.
- May mean that you overpay for the furnishings you’re getting, if the seller is particularly emotionally attached to them.
- Could kill the deal if the buyer and seller cannot come to an agreement on what furnishings are included and what the selling price of those furnishings should be.
- Means that you will need to put down a larger down payment, since the total cost of the home will include the price of the furniture.
Ultimately, the decision to buy a home that is fully furnished is a personal one. You will want to determine if the amount of money you will pay for the furnishings will actually save you time and money when you move in. Take time to fully assess what you are agreeing to so you know whether you are getting a good deal. If the deal looks good and you like the idea of owning a turnkey home, it could be the perfect solution for you.
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