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Clean Your Closet and Make Some Cash With the Second-Hand Economy

One of the biggest trends you hear about today is getting into the gig economy. Having a side hustle can be a great opportunity, but another trend for making extra money is to sell old household items through the second-hand economy. Participating in the second-hand economy has numerous benefits. Besides turning your old stuff into cash, reselling is also more sustainable for the planet. After all, those old clothes you no longer wear are doing more good in someone else's closet than sitting in a landfill.

What Can You Sell?

You can resell just about anything, but some items are easier to sell and command a better price than others. One of the main benefits of the second-hand economy (besides the cash) is that it helps clear out space in your home. So, if you aren't sure where to start, think about where in your home you can declutter. Go through closets, storage boxes, and shelves with a critical eye to decide what you no longer need. According to Gumtree, some of the most common items to sell include clothing, books, music, games, toys, and electronics. Many people focus on larger things such as furniture when they think about resale, but don't discount smaller items. Selling little things like clothing and books adds up when you stick with it.

How Much Can You Make?

The amount you make will vary depending on how much you have to sell and the value of the items. Pricing your items right is one of the trickiest parts of selling. With resale, unless an item is rare or antique, most things depreciate in value from what they originally cost. New sellers often make the mistake of pricing items based on what they paid, but you're better off considering the current market value for that item used. If you aren't familiar with the niche of an item or popular brands, it's worth taking the time to learn these things.

While you should never assume that certain items can't be sold, it's good to know that some niches and even particular items command higher prices than you might think. For example, baby gear is a prime category for resale because items are used for such a short period of time and are continually in high demand. And while most resale items sell for lower prices, don't waste the opportunity to make the most of any collectibles. According to U.S. News, vintage video games and trading cards may sell for a higher price than you'd expect.

What Can You Do to Ensure Success?

With more apps and websites getting into the second-hand selling business, it's easier than ever to sell your items, but it still takes some planning and effort on your part. Before listing anything, make sure it's in good condition. You may even be able to spruce up some items with a little repair work. When listing items for sale, good quality pictures are key to getting a potential buyer's attention. This doesn't mean you need a professional photo shoot, but you want to get clear pictures that show accurate color. People want to know exactly what they're getting, so be sure to describe the item in detail too.

What About Safety?

Always keep safety at the forefront of your mind, especially if you use a website or app to find local buyers. Instead of having the buyer come to your home, Bank Rate recommends meeting in a public place as a safer choice. You also want to consider cyber security, especially when selling electronics. Before selling any electronics, make sure you have backed up all data and deleted it completely from the device.

Like any other business you do online, resale can be done safely as long as you take the right precautions. With the rise in popularity, there's no shortage of options for jumping in. Just be sure to do your homework, and use these tips to make the most of your efforts.

Photo credit: Pixabay