All of us have furniture at home, and we are always eager to know its value and worth. Sometimes, you are selling it to someone, and sometimes, you are donating it to some organizations and keen to know its value. Are you also willing to find the worth of your furniture? If yes, you are at the right website. In this article, we have explained how you can determine the value of your furniture. So let’s dive into the treasure of information.
Collect all the information about the furniture
First of all, get all the information about your furniture to determine its worth. Make sure to have a complete review of it. Collect all the information and use all the info to search for similar items on the internet. You can also find more furniture in the market having the same characteristics and compare it with your items to get an idea.
1- Start with the type of furniture. What type is it? Is it Sandalwood, Lignum Vitae, or African Blackwood? The better it is, the more worth it has.
2- Watch out for any damage, is there any crack, is there any scratch, dents, or chips? Note them all. Usually, scratches, dents, and cracks can drastically affect the worth of your furniture.
3- Note the name of the manufacturers of your furniture or any specific company brand. Sometimes, a specific brand name gives you an edge in the market and boosts the worth of your furniture.
4- Check and note whether if the furniture is present in its original condition or not. Is there any repair or replacement? In many cases, whenever you restore or replace any part of the furniture, it significantly affects the value of your furniture.
5- Note down if the furniture piece holds any other significant religious, cultural, or historical importance. Items having such crucial value have great worth in the market.
6- Take clear photographs of your furniture. You can send these photos to your friends or post them on the internet to inquire about the worth of your furniture.
Search similar furniture on the internet
Internet is a treasure of information. Sometimes, the easiest way to know the worth of your furniture is a single Google search. You can search the info you collected above and see the price of similar items on different internet marketplaces like E-bay. In this way, you can get an estimate of the worth of your furniture.
Check the quality of your furniture
The most crucial factor that determines the worth of your furniture is its quality. Whether it is a sofa, a bed, a dining table, or an antique chair, no one will be paying you a lot of cash if your furniture is already worn-out and trash. Everyone will be willing to pay you a large amount of money happily only if your piece of furniture has an elegant design and lustrous finishing.
Think of it from the buyer’s point of view. If you purchase some furniture, you will agree to pay more if it is solid wood with elegant finishing. You will pay nothing more than peanuts if it is old worn-out, and degraded wood.
The size and value matters!
The second factor that determines the worth of your furniture is its size and value. If you are trying to sell a big TV entertainment center, you will find a rare proportion of people interested in it. Why? Because large items are difficult to manage, it takes immense care & effort to maintain them. On the other hand, if your furniture has a regular size and is a daily-use item, you will find more people interested.
And if your furniture of a general genre you will experience more competition and its worth will drop.
Depreciation is must!
You will be unable to sell your furniture at the price of a new furniture piece, no matter how good the condition is. Therefore, depreciation is a must. Think of it as a brand new car, the moment it gets on the road, its value drops from the sky. Similarly, even if your furniture is in perfect shape, you will have to sell it at a reduced rate.
Consult a professional
If you are having trouble with determining the worth of your furniture yourself, you can hire the services of an appraiser. They have vast information about the different types of furniture, the past selling prices, and much more.
Try asking some friends
You can also play around with your friends and offer them different prices for your furniture and ask for their genuine opinion on whether they will purchase this particular furniture item in this condition at this price or not. That will help you get a real-time estimate of the worth of your furniture.
Compare its condition with new one
Compare the current shape of your furniture to the time when you bought it. That will help you have an estimate of how much your furniture piece has deteriorated in its value and quality. And how much worth it has lost. Doing so will help you determine the price of it.
What is the thumb rule?
If you are struggling with all the techniques and methods mentioned above, you can use this simple thumb rule. It will help you find the estimated worth of your furniture. Subtract 5% of the price for every one year you have had the item in your house. It works like brand new cars. When you buy a new one, it is bound to lose its value. No matter what you do, it will keep losing its importance with time. Similarly, when you purchase a new furniture piece, its value and worth keep decreasing with time.
Try shopping around for similar furniture
Go to the market and look for multiple furniture items having the same characteristics as that of yours. Check out its price and compare it with your furniture. It will help you to get an idea about the worth of your furniture.