If you have a house full of stuff that you no longer use and you want to unload some of it you might think that a garage sale is the best way to clear those unwanted items from the house. While it’s tempting to try to earn some extra cash while reducing clutter, you may not have considered the disadvantages inherent in holding a garage sale at your home.
Cheap Prices
Sure, you might be able to get a pretty penny for that old vase you got from Aunt Mildred. Unfortunately, the odds are good that you’ll be taking regular pennies for most other items. Garage sale objects generally sell for a fraction of their actual worth, so there’s the chance that something you always thought was junk is actually quite valuable. Old records, baseball cards, and plenty of other household items may be worth significantly more to others than they are to you. The problem is that the number of visitors to your garage sale is actually quite limited and the chances of someone who actually is willing to pay what it’s worth showing up is quite small. Plus, if you don’t know the value of these items, you can’t price them properly at a sale. Instead of taking pennies on the dollar for something that might be valuable, consider bringing these items to a pawnshop, or putting them on the Internet. They may not sell here either, but you’re much more likely to get a fair deal on something of value in these markets than you are at a garage sale.
Theft
Another thing to check off on the “con” column of having a garage sale is the chance of theft. Any time you post your address in a public forum, you run the risk of inviting unwanted people to your property. Potentially, a criminal could drop by on the day of the sale and come back later for alluring items like the shiny new flat screen television he saw through a window.
You’re also liable to have stuff stolen from your lawn. While most people will pay for the items they want, a garage sale is the perfect environment for casual thieves to sneak off with small items without paying. Also keep an eye on your cash-box worse than having a few small items stolen would be to lose the proceeds for the entire day.
Liability
As the seller, you can be held liable for anything you sell if you misrepresent it in any way. Be sure that everyone knows that the items are sold as is. Have a way for buyers to test the items for themselves and be honest in what you say about the things.
See Also:
- The Frugal Guide to Building Wealth
- The Wealthy Buy Assets, the Poor Buy Liabilities, and the Middle Class Buy Liabilities Believing They Are Assets
- Appliances That Bump Up Your Electricity Bill
- 7 Fuel Efficient Cars Under $20,000
- Â Planning Your Estate: 6 Things To Remember
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