SPENDING WISELY
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A growing number of vacation-home purchasers are looking to buy all-inclusive set-ups: not only the house, but also its contents, from sofas to silverware.
An estimated 445,000 second homes changed hands in 2003, up 24% from two years earlier, according to the National Association of Realtors. Deb Howard, a real estate broker in Lake Tahoe, Cal., says about half of her second-home sales include some furniture. "When people hop on a plane to get to their resort cabin, they want to cool their heels and not set up a house," says Howard. And sellers don't want the hassle of hauling furniture away.
Most furnished properties include just the basics, says Pat Campbell-White, an agent in Rehoboth Beach, Del. "I've also seen homes change hands with every pot and pan in the drawers."
The value of a home's contents is typically assessed by the seller and factored into the price -- though often unofficially, because such package deals could raise mortgage-finance issues. Lenders generally won't grant a mortgage for the house and furnishings lumped together, so furniture is often sold separately or isn't given any official value. But if you're planning to rent the property, having an itemized list of the furnishings you purchase makes sense for calculating depreciation. --Katy Marquardt
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