Turn-key is a term frequently used when selling businesses. People have many different definitions of turn-key. My definitition, when it comes to Inns and B&Bs, of turn-key is being able to purchase an Inn, walk in and welcome guests that very same night. That definition makes very few Inns truly turn-key but makes most practically turn-key.
Most inn sales include all of the furniture and appointments in the guest rooms. Art work is often the exception. It is not unreasonable for the pieces that are leaving with the seller to be substituted. In most cases, the buyers will have pieces that they want to include in the guestrooms anyway.
The public space of the inn often has pieces of furniture and art that are special pieces to the owners, it is what helps personalize the inn and reflect the style of the owners.
Rarely does anyone expect the owner's space to have any furniture remaining.
I recommend to my seller clients that they remove any personal things from the public part of the property that will not convey, if possible. If there is anything major not staying with the property that is present at a showing, this should be disclosed at the very beginning.
We have sold many, many inns over the years - since starting this specialty division in 1986 - and I have seen the personal property list become a problem many times. We need to bring this issue to the table much sooner than we do both as sellers and brokers.
I have been on both sides of transactions both as a broker and as a buyer/seller. Both sides need to be reasonable but the greatest advice I can give is for sellers to remove things that will not be staying with the sale or identify them at first showing if they are non-negotiable items.
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