Finding the perfect price for selling furniture can be difficult. You can’t exactly sell at market value, and you don’t want to walk away knowing that you could have made more money. Have you ever asked yourself, how much should I sell my sofa and loveseat for? Then this one is for you.
Furthermore, finding the value of your used furniture can help you decide whether or not it’s worth selling at all. While pricing furniture is notoriously tricky, there are some general trade rules thanks to the sheer variety of pieces.
When asking yourself how much should I sell my sofa and loveseat for, take note of these essential things.
Here’s what you need to know
Before you get too enthusiastic about giving all of your old junk, keep in mind that the IRS requires home items to be in “good used condition or better” to qualify for a tax deduction.
This regulation was designed to discourage people from giving useless things in exchange for a significant tax benefit. While the IRS does not specify what constitutes excellent used conditions, some charity organizations, such as the Salvation Army and Goodwill, have standards on what they will accept.
You can deduct a donated item in bad condition if it is worth more than $500, and you obtain a competent assessment to back up that valuation.
How to clean sofa and loveseat for selling
To make the maximum money, wash, clean, and polish the furniture. Remove any stains, clean the edges, and consider staining or painting fading furniture on the cheap.
A new coat of paint or stain costs about $20, but it can make an old desk seem new if appropriately applied. If there are any minor fixes you can make, do so right away.
If you expect the buyer to undertake repairs, the sale price will be reduced proportionally. Check any old gadgets to see if they still function.
Check out the pricing of similar furniture on the internet. Examine new parts to see how they fit with yours. An oversized plaid sofa, for example, will sell for considerably less than a plain-colored couch, at least until plaid becomes fashionable again.
Check out Craigslist and eBay to see what other people are asking for similar things.
In addition, furniture Valuation Guides, which can be obtained simply online, will provide you with pricing ranges for most furniture.
Look for products that are as comparable to yours as feasible. Look for furniture with similar features if you know the maker, model, or materials used. This is the most excellent place to start if you don’t know how much the object initially sold for.
Most furniture may be sold for 70-80% of its original price. Therefore, the most straightforward approach to figure out a fee is to subtract 20% from the purchase price. It is an industry standard and a good indicator for quality secondhand furniture.
However, keep in mind that this is only a starting point. You may adjust the pricing based on several different criteria, which are explained further below.
Compare the current state to the condition when you purchased it. When should you deduct 30%, and when should you simply subtract 20%? The situation is an essential element.
If it is nearly in the same condition as when you purchased it, you can sell it for only 20% of what you paid for it. However, if it has scuffs, dents, wobbling, or other flaws, you should aim for 30% or higher.
In general, the longer you hold anything, the less money you can get selling it.
Subtract an extra 5% for every 1-2 years you’ve had the furniture. A ten-year-old desk, for example, may sell for barely half the sum you paid for it. Furniture, like automobiles and houses, depreciates over time.
Unless the craftsmanship is exceptional, or the furniture is an antique older than 1970, and in good condition, you’ll be penalized for each year you’ve had it.
Take note of the structure and materials. You don’t have to be a woodworker to appreciate outstanding craftsmanship. Quality furniture feels strong, can withstand weight, does not wobble, and all joints are tight.
If they aren’t, expect to sell your furniture for far less than you paid for it. However, if the furnishings seems robust and well-made, you may be able to sell them for near to the price you paid for them.
Cheap furniture frequently sells for considerably less than its purchase price, typically for little more than $20-100. It’s because it’s not designed to be relocated and resold and is constructed of low-quality materials.
If you notice particleboard: the layered, rough sheets of wood, you’ve probably got inexpensive furniture.
Get a professional to assess your antique furniture. Antiques are frequently worth far more than their initial purchase price. Unless you’re an antique specialist or prepared to undertake an extensive study into comparable objects, past selling prices, and restoration prospects, you should consult an expert.
Most antique businesses have appraisers who will provide you with an honest assessment of your possible selling price. Bring the appraiser the year, manufacture, and model of the furniture, or at the very least where it originated from, if feasible.
Conclusion
So, how much should I sell my sofa and loveseat for? There are a lot of things to consider if you want to sell your furniture. Thoroughly read the notions above and rethink your decision in pricing it.