Downsizing - Let's Go!

Closing up the family home can be a major upheaval. Of course everyone wants to keep grandma’s rocking chair and teak sideboard , but the transistor radio collection and leftover cleaning supplies - maybe not so much. These decisions of what to keep and what to let go can be loaded with emotions and attachments for all involved. But how you decide to proceed can make a big difference in outcomes - relational, monetary, and logistically.

Most people are familiar with putting together garage sales or selling items on a digital resale site like eBay. The viability of this choice depends on the number of helping hands, the value of the items to sell, and other issues like timing and health. Sometimes including these strategies makes sense, but if time and energy are limited, professional help can lighten the burden.

What are the options? Some families remove what they want from the family home and then bring in professionals to price and sell the remaining items for a percentage of the earnings. Estate Sale Companies come in all sizes and shapes, some with expertise in high-end antiques and others who handle mid-value furniture and domestic items. They also vary in the speed or levels of service that they offer. The going rate for commission falls in the 35-40% range, though it may be lower for highest ticket items. Some advantages of this route include selling your goods at a higher price (because estate customers generally expect the higher cost) and having someone who follows market values who can recognize and price objects that you may undervalue.

Auctions present another alternative. High-end auction houses only take items that will pull in big money, with the auction house drawing up to 20% of the “hammer price.” If you have an object that you think will drive a competitive bid, you may get lucky because auction crowds are often high spenders. There are also smaller field house and warehouse auctions that sell less expensive goods, sometimes bundling assortments of items into boxes that sell as “box lots” - often having one more desirable item mixed with other odds and ends.

Ultimately, you will want to evaluate your level of commitment to the process of sorting and selling. If speed and ease are of the essence, put your energy into careful research and vetting of local auction and estate sale companies. If the ritual of moving through the material goods and history of your family feels manageable and meaningful, you may choose the slow road. No right answer - just the best fit.

Remember that as you navigate all of life’s turns in the road, you can trust our legal team at Hillsborough Wills & Trusts to support you and your family as you Build Your Circle of Security.

We can be contacted at https://hillsboroughwills.com/contact.