DON’T throw away your old chest of drawers or bookcase – they could help you pay for Christmas.
A buoyant market for second-hand furniture means some items are worth more than you paid for them.
Make big bucks from second-hand furniture
And we aren’t talking about antiques, but everyday gear from shops such as Ikea, Wayfair, Argos and Dunelm.
Here, Sun Money explains how to be quids in by Christmas.
USED MONEY MAKER
SHARP rises in prices over the past two years mean second-hand wardrobes, beds, chests and dressers are holding their value more than ever.
Many of us take second-hand furniture to the tip or give it away via social media.
QUICKLIWhite Malm 6 drawer dresser (Ikea), new: £150, second-hand: £120[/caption]
QUICKLIGrey double bed frame (Dunelm), new: £143, second-hand: £90[/caption]
Those moving home who leave it late to empty their property may even have to pay for junk removal.
Personal finance expert Sarah Coles at financial service company Hargreaves Lansdown is urging Brits to sell instead.
She says: “For years, selling second-hand furniture hasn’t been a money-spinner, because people would rather pay extra for something new than live with something that looks tired.
“However, the rapidly rising cost of furniture has altered the picture dramatically.”
DELIVER THE BEST PRICE
THE catch is that furniture is big and bulky and items that came flat-packed are tricky to take apart and rebuild again without breaking or losing the small parts.
Often those buying don’t have a car, let alone a van, to collect furniture in.
QUICKLIOak Kallax shelving unit (Ikea), new: £70, second-hand: £60[/caption]
QUICKLIGrey mirrored wardrobe (Wardrobe Direct), new: £399, second-hand: £220[/caption]
That’s why those willing to deliver it — already built — will get a higher price.
Wanting this convenience has led to the growth of online platform Quickli, which acts as the middleman between buyers and sellers in and around London.
Sellers send photos, a description of items plus the location for pick-up and Quickli will then provide an offer price.
Founder Gab Stone says: “Ikea is the most popular brand because people know what they are getting.
“But flat-pack furniture is cumbersome for many and they avoid it at all costs.
“Buying a new chest of drawers, bookcase and a bed from, say, Ikea, you need to get it home — and then build it.
“The value of buying second-hand but assembled often greatly outweighs the benefit of having to personally collect and build a brand new item.”
You can also sell through eBay, Facebook Marketplace, Gumtree and Preloved.
SOARING COSTS
THE jump in the cost of furniture — in some cases by as much as 67 per cent — has had two effects on second-hand prices.
First, it has driven cash-strapped families to consider used when they might otherwise have bought new.
QUICKLIGrey Friheten corner sofa-bed (Ikea), new: £699, second hand: £360[/caption]
QUICKLIGreen click clack sofa bed (Homescapes), new: £395, second-hand: £120[/caption]
More people scouting for an Ikea Malm chest of drawers pushes up prices.
Second, those buying second-hand now have a much higher recommended retail price to compare with.
As a rule, most people like to pay around half to 75 per cent of the new price, experts say. It means those who bought an item a few years ago — before prices soared — might now be able to get close to, or more than, the price they paid for it if it’s in top condition.
For example, at Ikea, the popular Malm chest of six drawers was £99 in April 2021 but £115 by the end of that year — and is now £165.
It means it costs 65 per cent more than it did three years ago.
Second-hand sellers can get an average of £120 for the drawers, if they can deliver them, meaning they will get back more than they paid if they were bought in 2021 or earlier, according to Quickli.
An oak Ikea Kallax shelving unit can sell for £60, but in 2021 was £55.
A white Brimnes three-door wardrobe can go for £140, if delivered.
That is almost as much as the new price of £150 in 2021.
Bear in mind that prices will vary depending on location and demand — and it is likely you will only get the best prices if you can deliver.
THINGS TO REMEMBER
ONLINE marketplaces such as Facebook Marketplace, eBay and Gumtree are awash with scams for both buyers and sellers.
Sarah Coles says: “If you’re planning to sell your furniture on, you should check it complies with fire regulations.
QUICKLI3-drawer oak chest (Cotswold Company), new: £325, second-hand: £80[/caption]
QUICKLIBrimnes wardrobe with 3 doors (Ikea), new: £199, second-hand: £140[/caption]
“You also need to meet the rules that it should be of satisfactory quality, fit for purpose and as described, so you don’t run into difficulties further down the line.
“If there are chips or scratches, make sure you mention them, so the buyer won’t quibble over the condition of it later.”
Also check for selling fees if you are flogging furniture through an online auction or website.
Some come without fees, like Facebook Marketplace, but you’ll need to sort out payment directly with the buyer.
Always make sure they have handed over the cash, or the money has been paid into your bank account, before the item is removed.
Most furniture is sold for collection, so make sure that you keep yourself and your home safe.
If unsure, arrange for pick-up to take place outside your home and, if at all possible, avoid arranging a time when you are at home alone.
Best items to sell
WHITE chests of drawers and grey sofas are most valuable, experts say.
Most people are looking for neutral tones – especially if they are moving between rental properties which could have different decor.
A chest of drawers is a good seller.
They’re functional, straightforward to get in and out of properties, and most people need to maximise storage.
Your bed will naturally also always hold value, as long as it’s looked after.
Everyone needs a place to sleep.
Plus, shoe cabinets are a big win and often achieve very close to retail price.
It’s the ultimate decluttering item.