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How to determine the value of used furniture

How to determine the value of used furniture

From checking the quality to functionality, there are several ways to determine the value of used furniture. If you're looking to sell your used furniture, or you're into antique furniture or you're a collector, it's essenial to know the value of the piece you're looking to get. For anyone looking for an affordable way to spruce up their space, opting for used furniture is one way to do it. Knowing the value of the furniture will help you determine wheather it's a worthy investment.

double door tambour cupboard

How buyers determine the value of used furniture

From home and office owners, collectors, to antique enthusiasts, there are several buyers curious whether the used furniture they're looking to buy is worth it. Here's how to determine the value of used furniture as a potential buyer.

1. Scout for similar items from different sellers

When buying used furniture, you don't want to go home and regret your decision or feel like you paid more than the item was worth. Scouting for similar items from different vendors and enquiring the prices gives you a rough estimate of what you're expected to pay. Once you've known the average cost, you can now consider other things like the condition of the piece. 

Canteen mix chairs

2. Ask about the age of the furniture

Knowing the history and how old a piece of used furniture is will help you determine whether there are any discrepancies that interfere with its value. For instance, you can tell its an antique piece if it was made before 1970. This will also help you determine whether the furniture needs any repair.

3. Don't overlook the quality

When buying used furniture, you want something that gets you the value for your money. You should ensure that the piece was built using quality material and it has a nug fit. You certainly don't want squeaky and wobbly furniture because this means you'll spend more for any necessary repairs.

4. Opt for a fixer-upper

If the structure and build of the piece is great, its price is reasonable and it has minor issues like a scratch or old paint, you can buy it and have it fixed to your liking. This will also give you a chance to customise the piece to suit your space and preference. 

Faux leather bar stool

5. Set aside the amount you're willing to pay

After scouting for prices from other vendors, you can easily determine how much you're willing to spend on the item. However, when negotiating, it doesn't mean that you shouldn't budge on your choice. You should be flexible enough to negotiate with the seller depending on how much they're willing to sell the item.

6. Don't forget the shipping costs     

 It's good to make it clear whether the final cost includes any shipping costs depending on the nature of the used furniture. It should  be clear whether it's you or the seller who's responsible for shipping the item and how it's going to affect the final cost. 

used bar stools

How do sellers determine the value of used furniture

As a seller, it's dissapointing to discover that you sold a piece of furniture for less than it's worth. Here's how to determine the value of your used furniture before selling it. 

1. Use the industry standard pricing 

According to industry standard pricing, used office furniture should be sold at atleast 70% to 80% of the original price. Considering the quality depreciates with time, you shouldn't expect to sell used furniture the same price as new ones.

2. Check prices from other sources 

You can check online or on sites like eBay to get an approximate value on how to price your item. This will help ensure that you don't underprice your item or overprice. You can also check out furniture valuation guides.

Metal cupboard with wooden top

3. Check the quality of the furniture 

When pricing used furniture, you need to consider the quality of the furniture and materials used. If the furniture has small scratches or old paint, you can have a fresh coat of paint to improve the furniture's quality. You can also clean your furniture to make it more presentable.

4. Consider the current condition of the furniture

If the furniture is in a worse condition than it was when you bought it, you might be forced to deduct more than 20% of the original price when selling it. Does it have any wobbles or significant issues? For how long has the furniture been in use? The longer it has been in use the less amount it will be sold for. 

With an idea on how to determine the value for second-hand furniture, you will know how to best negotiate when making your next purchase.  With these tips furnishing your space with used furniture should be an effortless exercise.