How do you avoid being ripped off when you need to do an estate sale? It all begins with knowing the value of the estate. Below are some tips on how to value an estate to ensure you get the most out of it.

Separate your items

Separate your items into high tier, mid tier, and low tier. The high tier items are those perceived to be of high value, such as real estate and other properties. The mid and low tier items can be sold separately.

Compare with similar properties

For real estate, find out the cost of similar homes in the neighborhood. Get the price per square foot or square meter and multiply by the area of your home. You can also find the estimate of the home from online agencies if you want to look there. Finally, you can engage the services of a professional estate appraiser to get a more concrete idea of the value.

Go to antique shops

For second and third tier items, your local antique shop is a great place to get estimates. Carry your items along and have the shop owners tell you what they would pay for the items.

Check online resources

Go online for inspiration. Facebook groups and websites related to estate sales can give you ideas on how to price your items. However, note that the internet is limited. Each item is unique, and you may not find the exact same article to compare it with.

Seek Professional Help

Some items could be priceless, while others could be worthless. The only sure way of differentiating the wheat from the chaff is to engage the services of a professional appraiser. The appraiser will help you to decide what to keep, what to sell, and what to give away.

The appraiser will also advise you on what is likely to appreciate in value so that you can consider keeping it.

You will also need such appraisals for the purpose of getting insurance for kept items and calculating the value of tax deductions on donated items.

You may also need the services of other professionals. An estate lawyer will help you avoid or resolve any conflict that may arise from the sale with creditors, siblings, or buyers.

When it comes to selling your estate or that of a loved one, you may decide to go it alone or hire a professional to take you through. If you go it alone, you run the risk of overvaluing or undervaluing some items. The choice is yours.