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.
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.
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.
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.
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 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.
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.