Downsizing When You Move (& make a little $)
Posted on April 30, 2015 by bob in Financial
As seniors prepare to move into smaller homes or retirement communities, many realize the number of belongings they have accumulated outweighs their need for them. Various “spring cleanings” may have lessened the load over the years, but a move often necessitates a thorough downsizing.
There are some difficult decisions involved based on sentimental value, or whether or not to keep or sell your valuables. The silver lining of committing significant time to going through your belongings is this — you might make some extra money off of these items. The question is… where do you begin?
Morgan Lamphere, marketing director at the SearStone retirement community in Cary, N.C., has worked with many seniors as they downsize and prepare to move.
“Many items like antiques, art and high-end furniture may have significant value,” she said “Consider hiring a professional appraiser to assess your valuables. This will give you a better idea of how to price specific items.”
Here are other tips on how to sell your belongings.
Yard Sales
Stage your own yard sale and advertise it in local community newspapers and calendars. If you don’t have enough items on your own, participating in a community yard sale might make sense. Oftentimes, your neighbors also want to clear out their clutter, so ask around and try to schedule a time and place for everyone to bring the belongings they wish to sell.
Consignment Stores
If you’ve never worked with a consignment store, you may find it quite easy. If they accept, display and sell your items, the store gets a cut of the profit. Some are general consignment stores while others specialize in clothing, furniture, etc. Ask around to find suitable consignment stores in your area.
eBay
If you are computer savvy, eBay (www.ebay.com) is another option. eBay allows you to post items on the Internet for interested purchasers to bid on. You have the advantage in this situation, as you can set the starting bid based on what you think is appropriate. Make sure to post photos of the item. There are basic tutorials on EBay’s website to get you started.
Craigslist & Community Bulletin Boards
Craigslist.com and similar sites like backpage.com are just community bulletin boards where you post free classified ads. Although many have deemed Craigslist to be their last option, this could be a successful method in selling your belongings if you proceed with caution. When meeting with a potential buyer, be sure to have a friend or companion stay with you during the transaction since you are meeting a stranger. CNN’s Gabriel Falcon suggests meeting in a neutral place, as there is no reason to carry out the transaction at your home or theirs.
Charitable Donation
If you deem some items unsellable, consider donating them to Goodwill, the Salvation Army or other nonprofits. That nicked and scratched dresser may not bring you any revenue, but it might help a family with limited funds to decorate their home. If you itemize your deductions, be sure to get a receipt so you can claim it on your tax return.
To schedule a Salvation Army pickup, visit http://satruck.org/search. Goodwill also makes house calls depending on the items, so visit http://www.goodwill.org/locator/?location to research contact information for your local store.
Even with all the preparations and plans, some items may not make the cut for sale or donation. One final option to consider is to responsibly recycle household items. Earth911 (www.earth911.com/recycling/), is a great resource for locating local recycling options.
Downsizing and selling your belongings may be a major undertaking, but it will prepare you for life in your new home with less clutter and more money in your pockets.
Courtesy: SearStone Continuing Care Retirement Community, Cary, North Carolina
