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SeeBen21

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I made my first offer for the B&B I’m looking into. Now I received the counteroffer from the owner. So the lower and upper limits are set, now it’s just to see if we can agree to something.
There was just one thing which made my nearly burst out laughing loud as I was reading the counteroffer.
They said I have to consider that the whole furniture with a value of nearly $30.000,- will be staying and is not included in the purchase price, so it’s in a way complimentary.
I know they want to hint, that´s like a discount anyway.
Frankly speaking I saw the furniture and the owner told me at this time as they opened the Inn 15 years ago they bought it for $30.000 and the current Innkeeper told me that there were already 2 Beds breaking down and had to be repaired. It has to be replaced for sure not at one shot but one after another.
So if you do the math, the furniture is 15 years old and where not replaced. So the total value in the books should be $1,- because it’s already amortized.
I guess this gives me a better argument as I have to invest in new furniture and it is for him!
Anyway the good thing is, it seems they are flexible.
 

Morticia

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The furniture is not included in the purchase price? Does that mean you also have to buy the furnishings extra? Is this place being sold 'turn key'? Or are they saying they will 'throw in' the furniture?
All of the furnishings here were included and factored into the sales price. You need to have this number for setting up your business accounting. And if that town has a personal property tax you will need to have a valuation of the furniture for that purpose.
 

gillumhouse

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If it is meant to be it will work out. If not, it means something better is coming.
We were turned down on the house of our first offer - THANK GOODNESS!! With this house there was not even a counter offer - the answer was yes! It was meant to be. We would not have been happy in the first town.
 

egoodell

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki
 

SeeBen21

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The furniture is not included in the purchase price? Does that mean you also have to buy the furnishings extra? Is this place being sold 'turn key'? Or are they saying they will 'throw in' the furniture?
All of the furnishings here were included and factored into the sales price. You need to have this number for setting up your business accounting. And if that town has a personal property tax you will need to have a valuation of the furniture for that purpose..
Bree said:
The furniture is not included in the purchase price? Does that mean you also have to buy the furnishings extra? Is this place being sold 'turn key'? Or are they saying they will 'throw in' the furniture?
All of the furnishings here were included and factored into the sales price. You need to have this number for setting up your business accounting. And if that town has a personal property tax you will need to have a valuation of the furniture for that purpose.
They said they through in the furniture for no additional costs and the value is $30.000,-
Good point about the property tax have to keep it in mind and check.
 

SeeBen21

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
 

EmptyNest

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
 

JBloggs

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I agree. Resell value, not purchased price.
 

gillumhouse

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
 

Morticia

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The furniture is not included in the purchase price? Does that mean you also have to buy the furnishings extra? Is this place being sold 'turn key'? Or are they saying they will 'throw in' the furniture?
All of the furnishings here were included and factored into the sales price. You need to have this number for setting up your business accounting. And if that town has a personal property tax you will need to have a valuation of the furniture for that purpose..
Bree said:
The furniture is not included in the purchase price? Does that mean you also have to buy the furnishings extra? Is this place being sold 'turn key'? Or are they saying they will 'throw in' the furniture?
All of the furnishings here were included and factored into the sales price. You need to have this number for setting up your business accounting. And if that town has a personal property tax you will need to have a valuation of the furniture for that purpose.
They said they through in the furniture for no additional costs and the value is $30.000,-
Good point about the property tax have to keep it in mind and check.
.
So, if the furniture is falling apart and needs to be replaced, you're right about it being worth $1 in the overall scheme of business dealings. The usual way to do this is to figure how much it would sell for at a yard sale. It's definitely not worth $30,000 at this point unless there's something really special about it.
 

egoodell

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
.
gillumhouse said:
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
The furniture bought in Germany sold in the states as it was probably well made and/or different. I have my handmade Swiss furniture here which always sells for top dollar.
Furniture I buy here for my inn is not worth what I paid when it goes out the door, and nothing 15 years later. They could have bought it at Schewels or something like that. Our lounge chairs in our personal space are falling apart right now - only two years old.
Riki
 

seashanty

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first of all .... best wishes!
second .... furniture! speaking as someone who had to furnish an eight guestroom b&b practically from scratch, be shrewd in your negotiations as to the value and your offers ... but be grateful for what is there ... even if things are 'breaking down and needed to be repaired'
REPLACING everything is going to cost big time ... and guests expect all the furniture to be there ..... little end tables, bedside lamps, lampshades, beds, chairs, dining furniture, soft chairs, not to mention clothes hangers and linens and cooking supplies. i literally had next to nothing for bed linens but threadbare sheets and torn towels and had to buy all new ... as my dollars dwindled, i was haunting the thrift shops and the yard sales around me just to have rooms looking like 'something' .... it got to be a joke in my family for a while ... if someone was getting rid of something, they'd call me and ask if i wanted it! little glasses i could use as bud vases? taken. a little table with rickety legs? taken. my phone would ring 'my son is moving out of his dorm this weekend. do you want his stuff?' i kid you not!
as time goes by you can replace the unrepairable but, just starting out, you will need more than you ever thought possible. at least i did.
 

EmptyNest

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
.
gillumhouse said:
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
The furniture bought in Germany sold in the states as it was probably well made and/or different. I have my handmade Swiss furniture here which always sells for top dollar.
Furniture I buy here for my inn is not worth what I paid when it goes out the door, and nothing 15 years later. They could have bought it at Schewels or something like that. Our lounge chairs in our personal space are falling apart right now - only two years old.
Riki
.
I hate to admit it but I still have 2 lazy boy recliner / rocker I bought back in 1974 in my family room...Green velvet and still look better and are made better than what they are selling today. I have wanted to replace them for many many years, but I just hate the styles I have seen. To recover will cost me almost $600 a chair...so I say I will just buy new...but the way things are going...I still haven't found anything I like...so I may just have them redone eventually. My gals waiting list is almost 2 years out right now:-(
 

egoodell

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
.
gillumhouse said:
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
The furniture bought in Germany sold in the states as it was probably well made and/or different. I have my handmade Swiss furniture here which always sells for top dollar.
Furniture I buy here for my inn is not worth what I paid when it goes out the door, and nothing 15 years later. They could have bought it at Schewels or something like that. Our lounge chairs in our personal space are falling apart right now - only two years old.
Riki
.
I hate to admit it but I still have 2 lazy boy recliner / rocker I bought back in 1974 in my family room...Green velvet and still look better and are made better than what they are selling today. I have wanted to replace them for many many years, but I just hate the styles I have seen. To recover will cost me almost $600 a chair...so I say I will just buy new...but the way things are going...I still haven't found anything I like...so I may just have them redone eventually. My gals waiting list is almost 2 years out right now:-(
.
catlady said:
I hate to admit it but I still have 2 lazy boy recliner / rocker I bought back in 1974 in my family room...Green velvet and still look better and are made better than what they are selling today. I have wanted to replace them for many many years, but I just hate the styles I have seen. To recover will cost me almost $600 a chair...so I say I will just buy new...but the way things are going...I still haven't found anything I like...so I may just have them redone eventually. My gals waiting list is almost 2 years out right now:-(
Have you checked out Lazy Boy? They had a beautiful recliner type chair that I fell in love with a couple of years ago and could not locate. I have not checked them since, but their designs at that time were really getting nicer - not just the same old recliner style.
I would love to have the time to buy and refinish! And they have classes here to teach you how to build your own...
RIki
 

gillumhouse

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
.
gillumhouse said:
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
The furniture bought in Germany sold in the states as it was probably well made and/or different. I have my handmade Swiss furniture here which always sells for top dollar.
Furniture I buy here for my inn is not worth what I paid when it goes out the door, and nothing 15 years later. They could have bought it at Schewels or something like that. Our lounge chairs in our personal space are falling apart right now - only two years old.
Riki
.
I hate to admit it but I still have 2 lazy boy recliner / rocker I bought back in 1974 in my family room...Green velvet and still look better and are made better than what they are selling today. I have wanted to replace them for many many years, but I just hate the styles I have seen. To recover will cost me almost $600 a chair...so I say I will just buy new...but the way things are going...I still haven't found anything I like...so I may just have them redone eventually. My gals waiting list is almost 2 years out right now:-(
.
I have a LazyBoy recliner that looks like a wingback chair. The footrest folds under the seat of the chair. I love it. It is also one that does not need a lot of clearance with the wall to recline.
 

Samster

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Good luck with the negotiations! And as others have said before, be wary of the "value" of the furnishings that they are leaving for you. If that municipality where this B&B is located levies a Commercial or Business Personal Property Tax on all inventory, you will be paying more tax on that stuff than what it is worth. Also be sure that you get everything that is included in the furnishings!!
The thing with B&Bs is that sometimes a lot of this stuff is our own personal belongings and then we get taxed on it for using in the business. I just received my assessment for this year. Maybe it could have been worse, but the fair market value still seems like a lot to me. I have to determine what the actual tax will be on the assessed value & decide if I want to contest it or not.
We "inherited" some furniture in our second house, some of it is so-so and I am slowly replacing that. In fact, I'm going to buy another new rug this weekend. Some people think that some of that stuff that is "old" is antique. haha! It's amazing how furnishing a B&B adds up!! So if you can keep some of that stuff and re-purpose it, repair, or paint it, at least you won't be out of pocket for everything right up front, but that $30K figure is probably a good bargaining chip with the seller.
 

EmptyNest

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That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
I would be sure to video everthing that they say is going with the sale.
Good luck! Let us know where you'll be so we can come and visit!!!
RIki.
egoodell said:
That is funny. Fifteen year old furniture is not worth anything - unless they are antiques or hand-crafted!
They imported it from Europe but no antiques or hand-crafted. All the beds are european single beds.
.
People think their furniture is worth what they paid for it. WRONG...furniture has none to little value...unless truly antiques. You will probably end up throwing it all out and buying new once you live with it.
.
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
.
gillumhouse said:
...furniture has none to little value...unless truly antiques
Not necessarily. My cousin was career Army and married a German girl. They bought their furniture in Germany and it was shipped bzck to the States when he was rotated back. Next toru of duty in Germany, they would SELL all of their furniture here and buy new when they got back to Germany, He told me it always sold for more than they paid for it. He mustered out in Germany in 1977 and is still there.
The furniture bought in Germany sold in the states as it was probably well made and/or different. I have my handmade Swiss furniture here which always sells for top dollar.
Furniture I buy here for my inn is not worth what I paid when it goes out the door, and nothing 15 years later. They could have bought it at Schewels or something like that. Our lounge chairs in our personal space are falling apart right now - only two years old.
Riki
.
I hate to admit it but I still have 2 lazy boy recliner / rocker I bought back in 1974 in my family room...Green velvet and still look better and are made better than what they are selling today. I have wanted to replace them for many many years, but I just hate the styles I have seen. To recover will cost me almost $600 a chair...so I say I will just buy new...but the way things are going...I still haven't found anything I like...so I may just have them redone eventually. My gals waiting list is almost 2 years out right now:-(
.
I have a LazyBoy recliner that looks like a wingback chair. The footrest folds under the seat of the chair. I love it. It is also one that does not need a lot of clearance with the wall to recline.
.
I like those, but not enough cushion and comfort for the hubby. I did see just one on line that might be something I would buy...I hate that overstuffed look.
 

Tony

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If I had to choose between a $30000 premium on the house price or use that $30000 towards purchasing new furniture, it's a no-brainer. Depending where you shop, $30000 will get you a lot of furniture. Plus, you can furnish the place to your taste. This is part of the fun of having your own B&B business.
I would go that route rather than have to replace their 15 year old furniture that's falling apart, after you've paid all that money for it.
 

JBloggs

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If I had to choose between a $30000 premium on the house price or use that $30000 towards purchasing new furniture, it's a no-brainer. Depending where you shop, $30000 will get you a lot of furniture. Plus, you can furnish the place to your taste. This is part of the fun of having your own B&B business.
I would go that route rather than have to replace their 15 year old furniture that's falling apart, after you've paid all that money for it..
TLE041 said:
If I had to choose between a $30000 premium on the house price or use that $30000 towards purchasing new furniture, it's a no-brainer. Depending where you shop, $30000 will get you a lot of furniture. Plus, you can furnish the place to your taste. This is part of the fun of having your own B&B business.
I would go that route rather than have to replace their 15 year old furniture that's falling apart, after you've paid all that money for it.
Not necessarily. Having bookings the day you are handed the keys means money in your pocket, immediate income. That is worth something right there! You can change things out as you go. This sounds to be a 'turn-key' sale, so they are expressing the added value. We bought this place and forgot we needed to buy area rugs, we had to take out early retirement to get them, we had to get them and they were not cheap. We needed them NOW, and had to get them NOW, there was no enjoyment while we shopped around for rugs.
 
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