Best to Buy Expensive & Long-Lasting or Cheap and Oft-Replaced?

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Q: I recently inherited a house that needs to be completely re-furnished.  I don't live there now, but plan to move into this house in two years. (Which gives me time to save and collect great furniture.) Furthermore, my long term goal is to turn this house into a bed and breakfast, which means that there will be many kinds of people, and high volume use. I keep asking myself, it is better to invest in good items that will withstand the test of time, or cheap items that can be replaced quickly? This question is most applicable when dealing with high traffic items: couches, rugs, chairs, mattresses, drawers, etc.

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Regina is an architect who lives with her husband and children in Lawrence, KS. As a LEED Accredited Professional and longtime contributor to Apartment Therapy and The Kitchn, her focus is on healthy, sustainable living through design.