What is this thing really worth?

For most of us, we have things that we value highly for a number of reasons – purchase price, sentimentality, rarity, etc.   And because we treasure our things, our spaces are full of stuff – some of which we’ve purchased ourselves and some that have been gifted.  I believe that you should have two things in your home – things you need and things you love.  To get organized and stay organized, we need to keep things that truly work for us – the needed and the loved.  So how do I determine the value of an item?  How do I decide if this is worth keeping?  And if I want to let it go, what is its sale price for resale?

Intrinsic vs market value

Especially with items that had a hefty price tag, we often want to recoup some of the expense.  So how do I determine what it’s worth?  There are two different kinds of value.  Intrinsic worth is the value something has in itself; i.e. a mixer.   15 years ago you bought this mixer, you used it a lot and it was very helpful and handy at one point. This has a lot of intrinsic value to you.  The market worth is different.  The market price is what “the market” will pay for this item today, right now, in its current condition.  With designer and electronic items especially, change and upgrading happen so rapidly items purchased just a couple of years ago lose significant value quickly as a “newer and better” model or two hits the market.  If you are trying to determine an item’s market price, eBay is a great resource.  eBay has the best pricing algorithm available due to the sheer volume of items for sale on its site.

If you loved and used an item, it has served its intrinsic value well. Find a list of resources to donate your unneeded and unused items.  An item’s resale worth is likely going to be much less than what you paid but the outcome of opening up your space is absolutely greater.