It’s often a difficult decision to decide what to do with the items of a loved one’s estate. You may choose to keep some items for sentimentality but what do you do with the rest? You could sell them, or donate them—which both come with their own considerations and challenges. In this blog post, we’ll be looking into selling your items in an estate sale versus donating them—and giving you insight into each so that you can make an informed choice that best suits your needs during this time. Discussing both the financial implications and emotional pros/cons associated with either option, together we can discover how best to honour your loved one’s legacy while making this process as simple and stress free as possible.
Have an estate sale
Estate sales are a popular way to sell off personal belongings and possessions after the owner has passed away or is downsizing. Typically, these sales feature a wide range of items, including furniture, collectibles, appliances, and jewelry. While hiring an auction house to host your estate sale is more expensive, it can potentially help you get the best prices for your items and give you the added protection of a professional service.
Pros
Cons
Private selling, on the other hand, may offer more control over who buys your items but takes more time and effort as you manage every aspect of the process yourself. The process of organizing and advertising an estate sale often begins several weeks ahead of time, with the actual event typically taking place over a weekend when most people have availability. Overall, estate sales are an effective way to sell off items, but they may not be ideal for every situation.
Is an estate sale worth the effort?
When it comes to deciding whether to hold an estate sale or donate unwanted items, one factor that cannot be overlooked is the fair market value of your belongings. Determining this value ensures that you don’t waste time and energy hosting a sale for items that will not fetch a decent price.
If your estate mainly consists of older low value possessions, the potential profits may not justify the effort needed to organize a sale and donation may be the better option. If you take inventory of the items and find there is a lot of designer clothing and accessories, collectables or valuable jewelry, then an estate sale may be worth the trouble.
Based on your assessment, you can decide which items are better off donated. It’s important to remember that every estate is unique and deserves careful consideration. By keeping an open mind and a realistic perspective, you can make the best decision for you and your items.
Donate your unwanted items
When it comes to donating goods, furniture and household items are often overlooked but are desperately needed by many charities. The process is fairly simple—find a reputable organization or charity, schedule a pick-up or drop-off time, and ensure that the items are in good condition for donation. You may have a range of different items, and there are charities who specialize in everything ranging from baby products to sports equipment. Donations help to support your community and knowing that your loved ones items are going to those in need can be a great way to honour their memory.
Pros
Cons
Make a decision that works for you
There are many factors to take into consideration when dealing with an estate sale or donation. Estate sales can be a great way to get rid of a large number of items that you no longer need, but they can be time consuming and complicated.
Donating furniture won’t bring in money but can offer guaranteed financial benefits such as tax breaks, and a sense of fulfillment from helping others. It is important to assess your items and weigh the pros and cons before deciding on either an estate sale, donation or both. No matter which option you choose for clearing out your unwanted items, handling an estate will always require patience, research and commitment.
