in ,

Find Hidden Cash In Your Home | BankScoop

Everybody has loads of unneeded stuff in their basement, garage, storage unit or closets. Chances are good that someone else would love to buy it from you–if the price is right.

Go on a big explore. Look through your stored items and pull out the buried treasure.  Set it up in your garage and look it over. Make a list of everything and its approximate cost. Now you have to decide how to set your prices.

In pricing, don’t be greedy. A good rule of thumb is to price most items at about 1/10th of their original cost. Collectibles or high value items can be priced higher. But, since most stuff isn’t really worth hanging on to, price accordingly. Smart yard sellers follow these simple rules:

  1. “Price it low and watch it go.”
    2. “Priced too high, they’ll pass it by.”

Get out your stuff, organize it, price it, and then advertise it. Community papers and Craigslist are good places to put an ad. Look at other yard sale listings to get ideas. Placing your ad five to 7 days before the sale is about right.

Whatever doesn’t sell is perfect for donation. If you itemize on your taxes, you may be able to capture a decent deduction. You already made a list of your items so use it and search online for IRS deduction values for the items. Some of it may not be worth anything but some of it will.  If you don’t itemize, consider donating your unneeded stuff to a relative or goodwill anyway.  Since some of it really is just junk, don’t be shy about putting it out with the trash.

So, go find the cash in your basement or garage that’s just waiting for you to grab. You’ll feel better about reducing clutter and you’ll make a few bucks at the same time.

What do you think?

0 points
Upvote Downvote

Written by Alpine Jennings

The founder of BankScoop, Alpine is a banking expert with over 20 years experience leading financial institutions to improve their products. He is a well-known customer advocate and has earned recognition from the FDIC for his work helping people to become better savers. You can reach him at alpine@bankscoop.com.

Comments

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

FIND A BANK

5 Ways to Track Your Spending | BankScoop