If you are planning to buy furniture and have visited the market, you know that buying furniture can be expensive. One of the first things that come to mind is whether the furniture value will remain good or will be affected badly. Just as a car loses its true value which is reduced when it leaves the showroom, so does the value of furniture being used can decrease over time due to some factors such as their condition, wear, usage, etc.
There are also some other factors such as the brand’s reputation, furniture demand, and its condition that allow the furniture to hold its value for a relatively long time and can bring you a favorable price at the time of furniture resale. To make better decisions, experts usually suggest that you should consider all these factors and do the math to find out how much the furniture will hold value.
How much value does furniture normally hold?
When we talk about the term furniture value, the main thing that can give an idea is the resale value of the furniture. Most of the time, the furniture can easily be sold giving you about 70% of the furniture price at the time of purchase.
This is an average value but as it is said earlier, factors like brand, age, condition, type, trends, can have a great impact on the furniture value as they can dramatically increase or decrease the value.
What type of furniture pieces hold more value?
The items that are commonly used in every house or office and are versatile can hold more value because of their demand. Most popular things like sofas, dining tables, coffee tables, dressers, and furniture like that have a record of holding more value. These types of furniture not only have a high resale price but can be sold in a quick manner because of their wide usage and versatility.
When it comes to office furniture in Singapore, comfortable chairs and desks can have a high resale value. Just because office furniture is kept in immense care, it can be sold for about 70% to 80% of its original value.
What type of furniture will have high resale value?
The way you think while buying furniture can have a great impact on the resale value of the furniture. Instead of wasting your money on ordinary things with low-quality material that will sooner or later break down without any benefit, spend your budget on high quality, standard, interesting, trendy, well crafted, and well-finished furniture pieces from a well-reputed brand such as journey East, Element Concepts, Grey and Sanders and many other stores in Singapore.
You should also consider factors like repurposing and upcycling and how this furniture can be used to serve you for a relatively long time while holding its value. Some of the questions that need to be answered while buying a furniture piece include:
- Do I love it?
- Will this furniture be loved after five to ten years?
- Does this furniture have a local demand?
- Is it versatile and multipurpose?
- What material is used in its construction?
- Is it well crafted and well designed?
- Is it trendy or fashionable?
If you will think about all these factors with peace, you will spend your money on furniture that can hold its value for a relatively long time and can bring you a high resale value even after years.
What furniture items can have low resale value?
Uncommon items usually cannot hold their value and tend to have a less resale value. Just by taking Art and decoration as an example, different people have different tastes and interstates and it can have a great impact on your art’s resale value. In addition, finding a client can also be a difficult job as there may only be a few residents in the town that are interested in art.
The same goes with the beds, people consider a bed as a personal space and item and tend to buy a new one more often as compared to a used bed. So, if you are buying such a type of item, you should keep this fact in mind that there are possibilities that your furniture may not be able to hold its value by a large margin.
Tips to help the furniture to holds its value and get a high resale value
Although furniture holds its value because of many factors, you can also take further steps to help your furniture to remain in good condition and can bring you high resale value. You can get help from various furniture valuation guides to know about different factors to determine your furniture’s true value.
- Clean your Furniture
- Check Prices of Similar Furniture and Sell Online
- Set Price Depending on its Age
Clean your Furniture
Keeping your furniture clean will remove stains that can become permanent if not washed. A clean and washed furniture will not only have a good condition but will also bring high resale value.
If you are going to sell your furniture, spending a little amount on its refinishing and a coat of paint will return at a much higher resale price as compared to dull furniture.
Check Prices of Similar Furniture and Sell Online
Browse through different online websites and look for similar products, their condition, and then their price. This will give you an idea about the worth of your furniture. Furniture valuation guides can be found online that can provide you a wide range of prices.
If your furniture is in good condition, the standard price to set for a piece online ranges from 70% to 80%. This price is just a market standard but if you think that your furniture is in far better condition, you can set the price by comparing it with the competitive prices.
Set Price Depending on its Age
Although 70% to 80% is the standard value for used furniture, it is less likely to sell a 10-year-old dining table at 80% of its original value. Experts recommend mitigating at least 5% of its retail value for each year.