How to Maximise Profits when Downsizing your Home

By | October 1, 2013

As children move out or you find that you simply need less space, it may be time to think about downsizing your home. Trading in a larger property for something more compact can leave you with extra cash in your pocket, but it also can create a logistical headache if you have acquired a lot of goods over the years. One way to make the most of property downsizing is to use this opportunity to downsize your possessions at the same time. Your old books, clothing, and home decorations may seem dated in your eyes, but they could be a treasure trove of bargains to someone else. The following are a few ways to sell your old stuff and reap the maximum rewards as you prepare to move into a smaller home.

Hold a Yard Sale

A classic way to clear out your home and make a little spare money on the side is by holding a yard sale. To ensure your sale’s success, you’ll want to do more than just throwing your belongings on a blanket on the lawn. Try to envision your sale as a retail space, grouping similar items together and displaying prices clearly. Invite all the neighbours and create a fun atmosphere with party decorations to make it feel like an event. You’ll want to advertise your yard sale a week or two in advance in the local listings, to increase the sales potential.

Use Auction Sites

Another popular option for those selling books online or other personal items is to use auction sites like eBay. This is an easy way to put up your listings and reach a wide audience; although you’ll be facing a great deal of competition. To make your listing stand out, take clear photographs of your merchandise and be very descriptive both in the title and body of your advertisement. Don’t list your starting price any lower than you would be willing to accept, or you may be disappointed in the end results.

Create a Sales Website

Auction websites are a very convenient way to sell your old stuff, but be aware that eBay and other sites take a percentage of your profits. If you want to keep the full profit, you can go it alone and set up your own temporary ecommerce store. This allows you to use a professional-looking shopping art system and accept all types of payments from your customers. You’ll need to advertise your new online shop using social media and other online outlets. For larger items such as sofas, you can sell furniture online both on your website and by listing it on local bulletin boards like Gumtree or Craigslist.

Donate what you Can’t Sell

Even with a carefully crafted marketing strategy and several venues to sell your belongings, you might not be able to get rid of everything. Rather than carrying over your old possessions into your new, smaller space, it’s better to donate what you can’t sell. You may be able to deduct your charitable donation on your taxes, and at the very least you’ll be left with a clean slate as you move into your new home.

Parting with your home and its contents can be a rather emotional process, but it also signifies new beginnings. By taking the time to sell unwanted possessions using these various methods, you will be left with extra money in your account and a clean slate in your new home.