Discover hidden treasures - in your wardrobe: How to make money from the things you no longer need
- Passing on, recycling or selling things could also boost your bank balance
- The wardrobe is probably the best place to begin decluttering
- The site Return to Earn pays 50p per kilogram for decent quality used-clothing
If you are considering a big clear-out at home, do not be tempted to fling unwanted items into landfill.
There could be money to be made from the things you no longer need. As the saying goes ‘one man’s rubbish is another man’s treasure’.
Passing on, recycling or selling your old clothes, furniture and books is not only better for the environment – it could also boost your bank balance.
If you are considering a big clear-out at home, do not be tempted to fling unwanted items into landfill. The wardrobe is probably the best place to begin decluttering
Clothing
The wardrobe is probably the best place to begin decluttering. Taking a bag or two of unwanted clothes, shoes and coats to a local charity shop is often a good way to start. Alternatively, a car boot or local table-top sale can reap rewards. Group similar items together to shift more and boost the price.
If you have higher value items – designer labels, vintage clothing or accessories – it might be worth investigating the second-hand market.
Ebay can be successful for those with clothing and accessories with a recognisable and coveted high street brand or label. Compare other similar items on sale on the website to get an idea of what your item might fetch in the online auction. Sellers are charged 10 per cent of the sale price by eBay as commission.
If you have a particularly valuable piece of clothing or a luxury label it may be preferable to use a specialist website such as Rebelle, Hardlyeverwornit, Vestiaire Collective and Vinted.
These help you target the right buyers – meaning you can achieve a higher price.
Fanny Moizant, co-founder of Vestiaire Collective, says designer bags always sell well with labels including Chanel, Hermes, Saint Laurent and Celine being among the current best sellers. Moizant adds that Balenciaga and Gucci are also ‘having a moment’ and have seen increased success on the website in recent months.
Savvy: Pre-owned retailer Fanny Moizant says shoes can recoup much of their price
Moizant says: ‘Bags tend to recoup about 75 per cent, on average, of their original retail value. Shoes fetch about 57 per cent, depending on the brand’s popularity. About three in ten of our items sell within the first week. We had a record sale of an item selling in 17 seconds – but that was a rare Hermes Birkin bag.’
But even if you do not have the top luxury labels, a genuine designer bag, coat or pair of shoes – and even sunglasses – could prove lucrative. Presentation is key – photograph your item from the best angle and in the best light. Think seasonal – Moizant says now is a good time for selling pieces suitable for spring – leather jackets, sweaters and ankle boots.
Be transparent and honest as a seller – this is true whatever you are selling online. There is no point in hiding any imperfections with an item as this will just cause problems later on.
Be up front with your description and declare any issues with the piece and reflect them in the pricing. Vestiaire Collective has a calculator on its website which can give an estimate of the potential sale value of your items.
Remember, if you sell through a website, such as Rebelle or Vestiaire Collective, the company will take a cut – or commission – from your sale, typically between about 20 and 30 per cent depending on the sale value.
Bedding and curtains
Some clothing and other textiles, such as bedding and curtains, will not be good enough to sell through an auction website such as eBay, or even for charity shops – but that does not mean they are worthless. As long as clothing and accessories are clean, and without holes or damage, the website Return to Earn pays 50p per kilogram. You need to have at least 12kg of textiles in bags before the company will collect it – although there is no charge for collection.
Smart Recycling has collection points throughout the country (see the website for your nearest). It pays for clothing and other textiles by weight and typically pays 40p per kilogram. For sheets and duvet covers it pays 10p.
Some companies will only collect from their local area, such as cashclothes.co.uk (Kent) and cash4clothes.co.uk (West Midlands) so look out for any providers operating in your area.
If you have good quality curtains you no longer need, particularly if they are a recognised brand such as Sanderson, Laura Ashley or Colefax and Fowler, there are a number of websites which will sell them on.
The Curtain Exchange based in Coggeshall, Essex, lists hundreds of pairs of second-hand curtains for sale. It takes 50 per cent of the sale price after VAT. The Curtain Emporium takes the same commission. If this seems steep it may be preferable to try eBay or Preloved.
Books and more
There is a plethora of websites offering to buy old, good quality books, CDs, DVDs, computer games – and even old Lego. Try Ziffit, musicMagpie, Zapper and WeBuyBooks.
Enter the barcode for CDs, games and DVDS or the ISBN (International Standard Book Number) on the back of your books and the website will give you an instant valuation for your items. There is usually a minimum trading amount (£5 in the case of Ziffit and musicMagpie or £10 with Zapper). You will have to box up your items but postage is typically free.
You will usually need large volumes of books and CDs to make much money as the resale value can be just pennies per item. One CD may only be worth 20p for example. Recent book and music best-sellers are likely to fetch the highest price
THIS IS MONEY'S FIVE OF THE BEST SAVINGS DEALS
Chip* pays 4.84% to holders of its ‘instant access account’. The account can be opened with just £1. Its app only. Money will be held by the UK authorised bank ClearBank.
Charter Savings Bank pays 5.08% to holders of its ‘easy-access savings account’. The account can be opened with £1,000.
MBNA pays a rate of 5.27% on its one-year fixed rate savings account. This deal must be opened online on MBNA’s website and then managed by phone. The minimum deposit is £1,000.
Raisin UK* is home to a 5.05% one-year fixed rate savings account. It is offered by one of its partner banks Paragon Bank. You can open the account online via Raisin’s savings platform with a minimum deposit of £1,000.
Hampshire Trust Bank pays 5% to holders of its ‘two-year fixed rate deal’. The account can be opened online with a minimum deposit of £1.
Most watched Money videos
- Aston Martin unveils new Vantage sports car capable of 202mph
- How to invest to beat tax raids and make more of your money
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Mini unveil an electrified version of their popular Countryman
- Would you retire abroad for cheaper living costs?
- Pair of rare 1980s Ford Sierra RS500 Coswotths head to auction
- German car giant BMW has released the X2 and it has gone electric!
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Competition watchdog clears Aviva's £460m acquisition of...
- BUSINESS LIVE: Crypto fraudster SBF handed 25-year prison...
- Bidding war erupts for UK telecoms firm Spirent as...
- Superdry founder Julian Dunkerton ends his pursuit of the...
- No one should expect sympathy when the crypto bubble...
- Thames Water shareholders refuse £500m lifeline plea
- My friends say I'm a shopaholic but I'm 34, single and...
- Insurance market Lloyd's of London toasts best result 'in...
- Insurers are STILL stinging drivers by undervaluing...
- Disgraced crypto tycoon Sam Bankman-Fried sentenced to 25...
- Legal firm representing St James's Place customers to...
- JD Sports boss fires out at Nike for failing to produce...
- Spirent ditches Vivai as Keysight gatecrashes deal with...
- My blood boils when I hear critics say Waspi women should...
- Dividend hero SAINT's manager on the best shares for...
- William Hill owner 888 agrees to flog assets as it...
- AO World shares surge as online retailer electronics...
- MARKET REPORT: North Sea oil producer Enquest posts loss...