How to Value Used Furniture

Wash, clean, and polish used goods for the highest price. A clean item is definitely easier to sell and competitively priced. Clean up any stains, polish the edges, and consider repainting faded furniture with cheap paint. A new coat of paint only costs a few hundred thousand, but it can make an old table look like new if you are clever. ^[1]

• If you can fix a few small spots, do it now. If you want the buyer to bear the cost of the repair, you have to lower the price a bit.
• Check any old electronics to make sure they’re still functional.

Check prices for similar products online. Search online for a few similar products. Check prices on new products to see if yours is a good fit. For example, a large plaid sofa will sell for less than a plain chair, unless the plaid is back in vogue. Visit Craigslist and Ebay and check the prices others are selling similar products.

• You can find the Furniture Valuation Guide online for prices for most products in your home.
• Find products that are similar to yours. If you know the manufacturer, model, or material of the item, look for items with similar features.
• If you don’t know the price of a product when it’s new, these sites are a great place to start.

Selling most furniture at 70-80% of new price. The easiest way to set a price is to take 20% off the price you bought. This is considered a business standard and is a reasonable way to value used goods. However, you need to keep in mind that this is just the basic way. You can adjust the price based on many other factors. Let’s say you bought a $500 dress seven years ago and now you want to get rid of it:

• If the dress is in good condition and not too old, then selling 80% of the new price is reasonable.
• Multiply $500 by 80%, or .8. ($500 x .8 = 400)
• $400 is the base price for the dress.

Compare the current condition with the condition of the product when you first bought it. When is 30% off and when is 20% off? The most important factor is the condition of the product. If the current condition is the same as when you bought it, then you only need to take 20% off the purchase price. But if the item has scratches, noises, vibrations, or other problems, you may need to reduce 30% or more. In general, the longer you use the item, the lower the liquidation price will be. ^[2]

• If you buy a beautiful bookshelf for $1,000, and the product is in new condition, you can sell it for $800.
• If the bookshelf is faded, older, missing shelves, or cracked and chipped, you can sell it for $600-700.

Add 5% for every 1-2 years of furniture use. For example, a table 10 years old only sells for 50% of the purchase price. Cars and homes will depreciate in value as they age. Unless the construction is still sturdy, or antique (pre-1970 and in good condition), you will incur a loss for each year of use. ^[3]

Pay attention to the structure and materials. You don’t have to be a carpenter to know good furniture. Quality furniture feels solid — the item can be heavy, doesn’t wobble, and the joints have to fit together. If the item is not of good quality, be prepared to sell at a much lower price than the purchase price. However, if the furniture is in good condition and durable, you can sell it for the same price as it was purchased.

• For example, IKEA’s bargains have a clearance price much lower than the purchase price, no more than $20-100 a piece. That’s because they’re made of cheap materials, not to be moved and resold.
• If the product is slick chipboard – laminated and rough, you’ve probably bought cheap furniture. ^[4]

Get an antique appraiser. Antique items are often worth much more than their original price. Unless you’re an antiques expert or do a thorough research on similar items, past prices, and restoration possibilities, you should seek professional help. Reach out to the experts at antique stores to get an accurate estimate of the price you want to sell. ^[5]

• If possible, provide the specialist with the year you bought it, the place of manufacture, and the model, or at least the origin of the product.

Ready to negotiate. Usually you will have the opportunity to discuss the price. Make sure you are prepared before you negotiate. Having a strategy in place before haggling is the best way to get a good price:

• Lowest price. Determine the lowest price you can sell so you don’t have to think right at the time of the sale.
• Desired price. The price you want to sell for, based on the value of the item and your desire to liquidate it.
• The require price. Same as desired price. However, bid slightly above the desired price, in the hope that the buyer desperately needs the item.
• Transportation costs. Who will come pick up and deliver the item? Make sure you agree on this before you sell.

Ask friends and family if they’d like to buy the item at the suggested price. Poll a few people as you set the price and consider if the price is right. If a few acquaintances say they agree to buy at a certain price, you can sell at that price. If no one is willing to buy, set a more reasonable price. ^[6]

• Remember that you don’t need to know if other people like the item or not, you just need to know if they think the price is right.
• If it’s still difficult, some websites like Splitwise Furniture Calculator and Blue Book Furniture will help you calculate the right price. However, please note that these prices are for reference only. ^[7]