As we age, the things that once held tremendous value to us begin to get in the way. The row of antique stadium seats that once wowed guests in your living room now sits ignored, and the collection of coo-coo clocks from your Alps vacation haven’t been wound up in years. Let’s face it: it’s time to downsize.
People start looking at their belongings more critically for a number of reasons—the kids leave home, or a move to a smaller place—but not everyone goes about the difficult task of getting rid of things in the most effective way. Help from an appraisal service in Maryland just might be what you need to make your own efforts pay off! Without further ado, here’s a guide to smarter downsizing from an appraisal service in Maryland.
Charity done right
When people donate items to charitable institutions, the value of the donation can be deducted from their annual taxes. For things like clothing and everyday furniture, the advantage is negligible. But for valuable items or things like an unused car, boat or other vehicle, you had better believe you’ll want to deduct them come tax time. An appraisal before a donation this big can make a huge difference, which means that hiring an appraisal service in Maryland beforehand will better guarantee that you get the biggest deduction for your donation. In addition, it gives you an official value to fall back on if the IRS decides to look into the monetary value of your charitable act.
Finding hidden treasure in plain sight
Sometimes we are sitting on treasures that we never knew we had: a signed baseball card, a vintage lamp or a document of historical significance. When people tackle downsizing efforts on their own, they can overlook items like these and sell them for way less than they are actually worth. Having an appraiser on hand can be the difference between selling a few baseball cards for $50, and selling THE baseball card for $5,000. The truth is, sometimes the things we own have always had value, or develop it over time. With a professional’s help, you can make sure you won’t kick yourself for letting a big payday slide through your fingers.
Keeping priceless heirlooms
One critical role of an appraiser is to let you know which items are worth cash and which are sentimentally valuable. All too often we are blinded by the perceived value of our sentimental possessions and don’t realize that they are only emotionally valuable. In these cases, it’s always best to set an item aside and consider where it belongs in your life. While the item may not fit into your daily life, it may be worth it to you to store it or give it to a close family member for safekeeping.
If you are planning to downsize your estate and want to benefit from the assistance of a professional appraisal service in Maryland, then let the team at Jane Campbell-Chambliss & Associates, LLC help you out. Contact us today!