Thursday, May 22, 2014

Don't Sell: 7 Items that Will Cost You More Money in the Long Run If You Sell

When in a financial crunch, you may be tempted to sell many of your belongings to come up with some quick cash. While you can make some decent money doing this, it is not always a good idea. Selling certain items may end up costing you more in the long run, like these examples:

Heirlooms


While it is true that possessions aren't everything, they’re still important. Don’t sell your family heirlooms. You want to have something you can pass on to your children to continue your family’s legacy. Chances are, the you will be selling your family heirloom for much less than you think it is worth. Consider selling other items items instead like collectibles that don't have a special meaning to your family, but could to someone else. 

Furniture


Old furniture is unlikely to sell for much. However, it's hard to justify living without a bed or table, and replacing furniture can be very expensive. If you need some space, consider renting a storage unit to hold that furniture until you have room for it again. You can find storage units of all sizes and prices to meet your needs and save you money in the long run, says the professionals at The Self Storage Space.

Old Currency


You may have some old coins or bills in your possession. If this is the case, don’t sell this old currency immediately. Hold onto it until you can get a legitimate collector to examine it. Never sell collectible currency for face value, since it could be worth much more.

DVD Collection


While it may be tempting to get rid of your film collection on DVD and Blu-ray, you will only receive an incredibly tiny fraction of what you originally paid. Better yet, watching movies you have already invested in is far cheaper than going to the theater. If you want to make a better profit, consider selling your old electronics. Even outdated and broken electronics are valuable to many people who plan to use parts or fix it up.

Your Car


While it may seem like you can make a lot of money from selling your car, it is a risky move. Cars depreciate in value quickly, and purchasing a new car is an expense you probably don’t want. Even though you can buy used cars in the future, you will never know if it has hidden problems that could be expensive to fix. Spending the money to take care of your current car to keep it running for a long time will save a lot more in the end. 

Stocks


Never sell stocks simply because you need quick cash. Only sell them when the market is up and you’ll make a return on your investment. Selling stocks at a loss misses the point of investing in them in the first place.

Your House


Moving out of a house and into an apartment is something many people do. However, this can be a bad decision in the long term. While a mortgage is expensive for the short term, it is certainly a lot less expensive and stressful than paying rent for the rest of your life. Only sell when you are ready to move and feel like you can make a profit, not because you want your monthly bills to change.

Looking for ways to earn some extra cash can be difficult. However, be careful about what you sell. You may end up losing more than you bargained for. Look for easily replaceable items to sell first. Having a garage sale for things like clothing, books, toys, baby and pet items, games and old jewelry are a great way to earn a little extra cash without having to spend a lot to replace them. 

1 comment:

  1. I agree completely to this, Dave. We've had some unpleasant experiences selling some precious heirlooms and old currency in the past. Most particularly with the old currency. We sold them at a low price but later on, my aunt found a collector who told us she would have paid a really high amount for our old coins! We regretted selling them and have vowed to be more informed when it comes to our item's value next time.

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