Quote:
Originally Posted by Bill-n-Brillo
We bought a resale Patio Villa last fall that was essentially turn-key: the only things we needed were television sets, towels, and kitchen utensils/pots and pans/silverware. Everything else was in place and came with the deal. And we needed to buy a golf cart, too!  We haven't changed a thing - we're only there off-and-on through out the year and we're fine with things the way they came. For us, especially since we don't spend long stretches of time there yet, the turn-key aspect was PERFECT. Is it done up the exact way we'd have done it? Probably not. But the furnishings are all nice/decent items from Southern Lifestyles and gives the place the "Florida look" that we like - it's different than the "Early Attic/Late Basement" decor that is our traditional forte........... 
Another interesting aspect to buying a turn-key house: You can come up with an agreed-upon amount of the value of the furnishings and "remove" that from the value of the home purchase transaction (it gets backed out in the math on your closing/HUD statement to reflect the 'true' amount of the house and land. The sellers still receive those funds from you at closing.). Beneficial for property tax purposes among other things. Ex.: Purchase price of complete turn-key house is $X. Agreed value of all furnishings that come with the deal is $Y. The sale price of the house that goes on the county's books is $X minus $Y.
Bill |
Bill:
Thank you for posting this as I plan on buying a turnkey and this is very helpful information.
I would have done a Yogi Berra, "who woulda thunk it".