It is not uncommon for buyers to fall in love with the décor of their dream home. Imagine finally finding a house that meets all your requirements after months of relentless search and realizing that the homeowner has done a marvellous job in choosing pieces that complement the space without compromising functionality or style. As a buyer, buying property along with a few extras could be a great decision. However, for many sellers, determining how to price furniture to sell could be a long and tiring process.
There are quite a few ways you can include furniture in the sale of a home. For example, if a buyer shows an intent to purchase the gorgeous custom-made sectional placed in your living room or expresses their interest in the large mahogany table in your dining room during negotiations, you can consider selling these pieces of furniture as part of the sales contract with an addendum or prepare a separate bill of sales to avoid any complications.
Many buyers, especially those relocating from a different city or country, prefer buying a house with the furniture as it can save them time decorating the space. Besides, if a homeowner has impeccable taste in interior design and spent a lot of time (and money) decorating their house, it is almost inevitable for a potential buyer to wonder if they could keep it looking the same after purchasing the property.
Nevertheless, selling furniture with a house can be a bit of a hassle. First of all, the seller must figure out if the buyer is interested in buying all of the furniture in the home or a few select pieces. Please note if a seller is not comfortable parting ways with certain furnishings, they must be clear about it at the early stage of negotiation. Once everything has been clarified and confirmed, they must determine how to price furniture to sell.
This guide will take you through all the tips on how to sell a house full of furniture while keeping the pricing realistic.
Tips on How to Price Furniture When Selling a House
For sellers, negotiating used furniture can be a double-edged sword. On one hand, it would mean they won’t have to haul the furniture to their new home or spend time listing it on any of the online marketplaces. Moreover, if they include furniture in the sale of a home, they might be able to fetch a higher price on their property.
However, on the flip side, it is difficult to objectively put a price tag on a piece of furniture when it holds sentimental value. In addition, if the seller bought a chair or a sofa for PKR 10,000 about seven years ago, they may not be able to find something of similar quality for the same amount in the market anymore. Not to mention, used furniture usually sells for about one-third of its original price – unless it is something antique or vintage, in which case it may actually cost more today than it did years ago.
On a side note, if you are a buyer who is on the fence about purchasing old tables and chairs, our guide to buying used furniture in Pakistan will surely help you out.
Nevertheless, if you are planning to sell a house with furniture, you may want to follow these tips to ensure you price everything correctly.
Find the Original Receipt or Collect Important Details
The first step to pricing your furniture is to find its original receipt. It will not only serve as a great reference point for determining the final price but also tell the buyer exactly how old the furniture is and where did you buy it from. That way, if the new owner of the home wants to add a few more pieces to their home in a bid to complement the one they are purchasing from you, they will know exactly where to begin their search.
However, it is not unusual for people to lose the original receipts of furniture, especially if it was purchased a long time ago. If that happens, the best way to move forward is to check the piece for any key details or marks that will help you determine its age or brand. You can also post its photo on relevant Facebook groups to find out its make and model, which will certainly help you figure out how much it must have cost back in the day as well as its present-day value.
Add and Subtract Values to Fine-Tune Your Calculations
Once you know the original price and age of the furniture, it is time to determine how much it should cost realistically in the present day. Here is how you can go about adding and subtracting values to finally reach a price that both parties will be happy with.
Add Value for Brand Name
Brand name recognition can play a huge role in increasing the value of your furniture. If your couch or coffee table is from a reputable furniture company such as Interwood or Habitt, it is likely to fetch a higher price. If the brand still sells the item, please make sure to price your furniture well below its market price. This will help the buyers see your furniture as a steal instead of opting to buy a new one for the retail outlet.
Subtract Value for Wear and Tear
When selling furniture with a house, you should always subtract value for wear and tear. However, if a piece shows signs of use, it doesn’t mean you should sell it as is. There are always a few things you can do to give your furniture a new life. For instance, you can start by removing nicks and scratches from your furniture before staining the surface for a brand-new look.
However, please be upfront with the buyer about the condition of your piece. If you manage to restore the furniture to a decent condition, make sure to put a price on it that is completely justified.
Add Value for Quality Material
Wooden furniture made from Sheesham or teak wood tends to be more expensive than those made from other materials. If you are planning to sell a house with furniture, you may be able to get a higher price depending on the quality of the material. It is also worth mentioning that coffee tables and desks made from softwoods and engineered wood depreciate more in value compared to those made from hardwoods.
You can learn more about different types of woods used in home décor and construction in our comprehensive guide on the topic.
Add Value for Excellent Condition
Items that are barely used usually attract a higher price – and for a good reason. As a buyer, you will most likely buy a sofa that shows minimal signs of use than one that shows significant wear and tears. However, the label of “excellent condition” is reserved for pieces that are either recently purchased or highly revered and thus never used.
Moreover, restored pieces can also sell for a lot higher depending on their overall condition and the quality of the material.
Subtract Value for Depreciation
Did you know that new cars can lose about one-third of their value during the first three years? Well, your furniture is not much different. The grand dining table in your drawing room or the king-sized bed in your personal quarters may look great and brand-new, but their value starts depreciating the moment they leave the store and arrive at your home.
In simpler terms, old furniture pays less than the new one. You are more likely to get a higher price for a piece bought two years ago compared to a similar one purchased 15 years ago.
Add Value for Custom-Made Pieces
When pricing your furniture, always add value for custom-made pieces that have been specifically designed to fit the space. Whether it’s a sectional that sits perfectly in your living area or a sofa set that has been customized to complement the overall design theme of your home, you can consider adding relatively higher price tags to such pieces because they are virtually one of a kind.
Just make sure to charge the buyer a lower amount than what you paid originally.
Find Similar Listings Online
Thanks to the advancements in technology, buying and selling furniture online takes less than a few minutes. Almost all big and small furniture companies have a significant online presence on social media where they consistently upload their new catalogues and models to gain traction. Similarly, there is no shortage of online platforms that are solely dedicated to buying and selling used furniture in Pakistan.
If you are having a hard time determining how to price furniture to sell, you may want to browse similar listings on Facebook Marketplace and OLX to learn the current rates of used furniture being sold in your area.
Bring in an Expert for Evaluation
If you plan to include furniture in the sale of a home, it may be a good idea to bring in a professional for an expert evaluation. Someone who is knowledgeable about furniture will also let you know if you have priced certain items too high or too low. Moreover, if you have any vintage or retro pieces in your home, it is always ideal to get them professionally evaluated. Otherwise, you may end up selling something pricey and unique for less than half of what it’s actually worth.
Set Your Price but Leave Room for Negotiation
Once you have browsed through similar listings and spoken to an expert, it is time to set the price for each of the pieces you are planning to sell. If your furniture is in a brilliant condition, it may seem fair for you to ask for as much as 70 percent of its original price. However, if your furniture is around 10 years old and shows visible flaws, you may want to price it 25 to 30 percent of what you had paid for it.
Most importantly, always leave room for negotiation when pricing your furniture.
Add the Price Tags
The best way to avoid miscommunication while selling furniture with a house is to add a price tag to each piece individually. The buyer should know exactly how much a certain item costs as well as when it was purchased. If you can add a few details about the quality and make of the furniture to its tag, that’s even better.
Adding tags to the furniture will also help buyers determine which items they can afford to purchase with the home and which they can do without. Once the deal is finalized, you can either sell the remaining pieces by listing them on online marketplaces or take them with you to your new home.
That brings us to the end of our guide on how to price furniture to sell. If you are planning to sell your home, you may benefit from our tips on selling household items before moving.
For more tips and tricks about buying and selling homes as well as furniture, please stay connected to Zameen Blog. You can also share your thoughts and comments with us by leaving a message at blog@zameen.com. Last but not least, don’t forget to like our Facebook page to find out the latest property investment opportunities in your city.
