You’ve heard the words “estate sale” before. You may have even stopped by one or two. But when you’re suddenly on the other end, contemplating whether to have one, the concept of an estate sale may suddenly seem entirely foreign.
Estate sales are a fairly popular option when attempting to separate from an entire house amount of belongings. Unlike a traditional garage sale, estate sales put up the contents of the whole home—not just a few select items you’ve set aside.
While hosting one may be the right option for you, there are a few things you should know before diving in.
1. You can go the DIY route or bring in help
It’s possible to host your own estate sale, and doing so will save you money. However, as one might assume, estate sales are a lot of work. You have to sort through the home’s contents, and you’ll need to complete an inventory, then research and price each individual item in the home. Add in cleaning fees, managing the sale itself, cataloging the earnings, and figuring out what to do with any items that remain, and it’s easy to see why so many people enlist help.
There are numerous experienced, reliable companies out there that will hold your sale for you, but the costs can be steep.
2. They are for any type of home
While the name may sound like it’s something specific to a mansion, the term “estate” has nothing to do with the size of a property. It means all the property (items) owned by a person, most often at the time of their death. And an estate sale is the process of selling those items. This means an estate sale can be held for a single-family home, duplex, condo, etc.
3. Make sure you know the value of what you have
One of the biggest, most-common mistakes people make when hosting an estate sale is pricing things based on face value. For example, it’s easy to miss that an armoire isn’t a simple dresser, but rather an antique piece with true monetary value.
The same could be said of a china set of a particular brand or pattern. This is one reason that bringing in a professional service may pay off in the long run. While that service does take a significant portion of the potential earnings, it should also employ experts who come in and conduct an appraisal of the home’s contents, ensuring individual pieces are properly priced.
4. Read the closing paperwork closely
If you do choose to work with a professional firm, make sure to carefully read through the exact terms and ask questions about how the process will work. One main reason to do this is to gain an understanding of the lock-out period. Before you turn the keys over, you’ll need to go through the items and take anything you want to keep with you.
After you turn the keys over, the entirety of the home’s contents become the sale company’s to valuate, price, and sell; there often are no second chances to reenter the home for forgotten items, meaning that you would need to purchase anything you want to reclaim at the full sale price.
