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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
I was thinking we should spend about 10% of the purchase price on furniture, given that with small children, we'll certainly need to refurnish some pieces in 5-7 years. This will get us some very nice quality casegoods, and some ok upholstered pieces, and average window treatments. would probably have to spend more because the cheaper house would probably be larger!. Don't assume your DR table/set will be a keeper for 30 years. Search on this forum and you will read about plenty of homeowners who no longer love the set they bought 10 years ago. Your tastes and likes will change and evolve.