Here’s what you need to know about estate sales and their impact on a loved one’s quality of life.
Estate sales are typically held when selling a home after someone dies, but they can also be necessary for long-distance moves or moving a loved one to a care facility. By selling off parts of an estate, owners can use the money to pay off debt, reduce the upkeep of their home, and even downsize their property to lower their cost of living.
For many families, estate sales can provide the financial support they need for senior living in-home care. Unloading excess items can provide a better elderly home life by reducing maintenance and upkeep of the home, particularly for those who need caregivers or home health services.
Here’s what you need to know about successful estate sale planning.
Hire an Estate Sale Company
The benefit of having a professional agent handle your estate sale is the expertise they provide in assessing items, organizing them for display, marketing the estate sale, and ensuring everything runs smoothly the day of. Major tasks include:
- Taking inventory of all the items in the house
- Deciding what should be included in the sale
- Setting fair prices for the items
- Creating a professional-looking setup
- Publicizing the sale
- Making sure everything runs smoothly and fairly
- Watching for theft
What to Know When Planning an Estate Sale
When planning an estate sale, there are a few best practices you should follow to maximize your return. Consider the following:
Know the Value of Your Items
You need to know what your items are worth. Some items may require professional appraisals, so seek out opinions to ensure you’re not overvaluing or undervaluing them.
Try to Avoid Allowing Emotional Attachment to Outweigh Market Value
Some items are worth more to you than they will be to others. Try to keep sentimental value out of the equation to avoid turning away potential buyers.
Sell to Individuals, Not Dealers
Dealers from antique stores are on the hunt for lowball prices because they need to make a profit when they sell them. You likely won’t get top dollar for your items unless you’re selling to individuals.
Advertise
Place ads in local town, city, and village papers a week before your sale, as well as on any online classifieds for your area. Also, don’t forget Craigslist, where you can list under the “garage sales” category (include something like “Estate Sales Charlotte” in the headline to get more attention).
What If I Don’t Use an Estate Sale Company?
If you don’t want to go through the hassle and expense of a large-scale estate sale, there are other methods you can use to get rid of belongings.
Hold Your Own Auction
You can hire an auctioneer to sell items on your behalf. You can either sell items to the highest bidder regardless of price or set a minimum amount you’re willing to sell an item for.
List Items for Sale Online
Craigslist, eBay, and Facebook can reach a broad audience for selling personal items. Even better, it costs little to nothing to use these platforms.
Donate Items
You can always donate items that don’t sell to a local charity if you’re eager to make room. Get a receipt and use your donation as a tax deduction.
Don’t Forget to Pay Estate Sale Taxes
One last thing to remember is how tax laws affect estate sale profits. While garage sales tend to fly under the radar, estate sales are subject to taxes. If you are selling a substantial amount of items or valuables, you’ll need to check with your state’s tax laws to see if you need to record your profit.
For more home health insights, head back to the Tailored Home Care blog.
Resources:
https://www.maxrealestateexposure.com/estate-sale/
https://www.thepennyhoarder.com/make-money/the-beginners-guide-to-estate-sale/
https://money.howstuffworks.com/personal-finance/financial-planning/estate-sales2.htm
https://estatesales.org/university/estate-sale-state-sales-tax-guide
