Whether you are looking to sell an old home, or you've inherited a property filled with items you have no use of, holding an estate sale seems to be the best move. Is it the best way to go about it? Or are there better ways of getting rid of the clutter?
This guide walks you through the pros and cons of estate sales before you proceed with planning the event.
Pros of Estate Sales
There are several beneficial reasons why you should consider having an estate sale.
- Get Rid of the Clutter
The most obvious benefit of holding an estate sale is the opportunity to get rid of the clutter from unused items in your inherited home or the property left behind by a deceased loved one. You can invite the public to come to your home and check out any items that they might be interested in buying. The more buyers that come to the estate sale, the more items you can potentially dispose of.
Any items that are left over from the sale will be easier to manage. You can donate them to a charity or a nearby thrift store. You will be able to have a clutter-free home when it is all done.
- Make Money
The amount of money you can make from an estate sale varies according to the type of items you have at home, or the appraised value of these items. If you have plenty of items sitting in the attic collecting dust, you can turn them into money by selling them to those who might be interested in them.
If you do a great job promoting your estate sale, and if you have many high-value items like furniture and antiques, you could make a profit from the sale event. You must invest time to research the market value of the items you have to maximize your earnings. Another option is to hire an estate sale company that can help you with the appraisal and pricing of the items.
- Let Others Enjoy Your Items
Some people will show appreciation and value for the items you have left untouched for years. Therefore, you can allow another person to benefit from those items rather than using up space in your home.
Many people are antique and bargain enthusiasts. They prefer buying old or second-hand items with sentimental value to buying new (and more expensive) items.
- Pay Off Expenses and Debts
The earnings you generate from the estate sale can be handy to pay off debts or cover your expenses. An estate sale is a great way to make money with little effort or investment. All you have to do is to advertise your estate sale and organize your items. Buyers will come to your property and buy them directly on-site. Therefore, you can make money without requiring capital for stocks or renting space.
- Downsize Easier
If you want to downsize, an estate sale makes sense. You can use the sale event to eliminate items you don't plan on using anymore. You can keep the items that you still use or need. Whether staying in the same property or moving elsewhere, you're left with considerably fewer items to deal with after the sale.
Cons of Estate Sales
While there are advantages to having an estate sale, you must be wary of the potential disadvantages. Here are some potential drawbacks that you must consider.
- It Involves More Time and Work Than Most Think.
The concept of an estate sale is simple. You sell the contents of a home, invite buyers to see the items, and then make money on those items. However, the process is not that simple in real life. An estate sale will take up time, effort, and resources. It can be overwhelming for someone having an estate sale for the first time.
There is a learning curve to an estate sale, which includes pricing the items, advertising the estate sale event, and managing the day of the event. You must also clean out any unsold items after the event.
The great deal of work involved in an estate sale is why property owners hire a sale organizer. The latter facilitates the estate sale from start to finish – from the planning to the end of the event. However, you must pay the organizer a commission for the sales generated from the event.
- Emotional Attachment Can Be Difficult to Overcome
Whether the items you are selling are from your own home or that of a loved one, it can be difficult for some to see other people go through your personal belongings. Holding an estate sale is particularly difficult when it's because of the passing of a loved one. You develop a deep emotional attachment to their items, and it can be challenging to deal with those emotions when you are grieving.
Hence, many property owners hire an estate sale company, so family members are not required to be present during the event.
- You Must Account for Time and Work
Time is money. Whether you hire an estate sale company or hold the event on your own, it will take up your time. You must evaluate if the amount you could potentially earn from the estate sale is worth the time and effort you've invested.
Hiring an estate sale company means you must pay them for their services. Therefore, you must compute if the potential earnings will be worth holding the estate sale at all.
Can You Sell a Property Without Holding an Estate Sale?
Yes, it is possible to proceed with the sale of a home without having an estate sale. Many homeowners who lack the time and resources to hold an estate sale opt to sell the property with its contents.
Like holding an estate sale, there are pros and cons to selling a home with contents. Therefore, it's essential to weigh the advantages and disadvantages of this decision to help you plan accordingly.