Whether you are buying or selling a fully furnished Crested Butte home it is best to clearly define what is included/excluded sooner than later. What about pots and pans? Do the snow shovels stay? What does “all electronics” mean? Artwork? Outdoor furniture? Window coverings? These are all good questions – and they will need an answer which typically comes in the form of an Exclusion List (the items that do not go with the house) or an Inclusion List (the items that do go with the house).
Value of Fully Furnished Crested Butte Home can be Big for the Buyer
Most Crested Butte homes are sold furnished because they are second homes. The seller is not “moving out,” and typically doesn’t have a use for the furniture. What is the value of the furniture in a home? It depends. Is it old and worn out? Is it top of the line? Was it purchased in 1982 when the home was built? Was it purchased at an antique auction or is it contemporary furniture from Ikea? Most luxury mountain homes have luxury furniture, and the reality is the furniture has close to zero value to the second homeowner seller. There is usually not an after market for the owner to sell their furniture, and if there is, they may get 10 cents on the dollar after they pay lots of people to move it, store it, and sell it… Net net, it is not worth the hassle to the seller; they should want to “throw it in” and list it as a fully furnished Crested Butte home.
On the contrary, furniture represents value to a buyer. Even if the furniture is not great, it is functional. The home is move-in ready. The buyer can close and sleep in the house the same night. Go price out some average furniture and furnishings for a four-bedroom 4,000 square foot home that is bare (are you going to use an interior designer?). I think you will come up with $100,000+ pretty quickly, more for quality stuff . Unless you hate the furniture and decor, you will usually get a better net deal on a fully furnished Crested Butte home.
As a buyer, you should understand what is included, get a specific inclusion or exclusion list, and especially get clarification on the big dollar items, and put it in the contract to buy and sell. If there are lots of items you know you don’t want, you should state that in the contract: “XX, YY, and ZZ shall be removed from the home prior to closing,” or else your first task and expense will be to hire a mover to clean the junk out of your new Crested Butte dream home. It is rare that a seller will pull a switcheroo on an antler chandelier, leather couch or an appliance, but it is a good idea to take quick photos or video of the home and the furnishings and ensure that those expected included items are actually included. Fixtures are included, as is anything that is attached to the home.
Examples of fixtures that will usually stay in the home: a range, a built-in microwave, a dishwasher, a water heater, a furnace, a at screen TV mounted to the wall, surround sound speakers built into the wall, window blinds, carpet, etc. The washer and dryer and the refrigerator are not fixtures and are usually not included in a fully furnished Crested Butte home.
You need to get the detailed list (either what they are leaving, or what they are taking with them). Ask for it up front, before you submit an offer. Go through the home and look at the items that are included, and what they are taking. The big items are easy to see, but what about the decor? If the home is listed as “Fully Furnished,” then unless it is excluded in the contract, decor items should be in the home when you walk in as the new owner. Just because a home is listed as unfurnished (but has lots of furniture in it) does not mean that you shouldn’t submit your offer with a list of the items you want to be included. This creates an interesting dynamic with the buyer and seller, and I will share a couple of examples of personal experiences with fully furnished Crested Butte homes that I have listed.
Representing the Seller of a Fully Furnished Crested Butte Home
After this particular fully furnished Crested Butte home was under contract for more than a month, my client, the seller, decided they wanted an item that was overlooked and previously “not excluded.” I doubted anyone would know if it turned up missing — but the seller said it was an expensive decorative item, probably nothing the buyer wanted anyway, but the seller wanted it. Since it was not listed on the agreed to exclusion list, it was deemed “included.” The buyer asked for a concession and as a part of the amendment to the contract, and we added this newly excluded item to the amendment, and thankfully it was agreed to without incident.
Representing the Seller of a Partially Furnished Crested Butte Home
I represented the seller on a luxury home that was being sold “partially furnished” and “all the electronics” were on the inclusion list. The home was under contract for almost two months and we had passed all the contingency dates. When the movers showed up to move all the seller’s items out of the home that were not on the inclusion list, there was a question about the video game device connected to the TV. The moving people contacted the seller, and then I got a call. I looked at the contract and said, “It stays, because Video Game = Electronics = Included.” The seller overlooked this and wanted it because the old unit worked with the old games they had, and the grandkids loved the old games. The seller said, “It goes.” Guess who bought a brand new video game device and put it in the house by the TV and solved the problem? Win-Win. Next.
Buying or selling a home can be an emotional time, and there are lots of moving parts. Some things may not be considered a “big deal” to one party, but may be unreasonable to the other party, and may violate the terms of the contract. This is where a good real estate agent can anticipate potential conflict, and provide advice to help create solutions to small issues before they become big problems.
How can I help you? I have over 30 years of sales and marketing experience and am a top real estate agent in the mountain town of Crested Butte, Colorado representing affluent clients who are buying and selling their home and ranch properties in the mountains. To see featured properties or search the Crested Butte MLS – visit chriskopf.com. How is the Real Estate Market doing? Click this link to see my monthly Crested Butte Real Estate Market Reports. I appreciate the opportunity to earn your business and be your Crested Butte Real Estate Agent.
Chris Kopf, Coldwell Banker Bighorn Realty
Previews® Property Specialist