Even if you feel like you’re ready to retire, there may come a time when something unexpected happens and you need to pay. This could include medical expenses or a flat tire. Or it could be something less obvious, like the cost of living rising over time.
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In any case, if you are facing a difficult situation, selling some luxury items can help you get through it. It may not be your favorite thing to do, and you may not want to do it very often, but every little bit helps when you’re facing financial hardship. Here are six luxury items retirees can sell during difficult times.
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jewelry
If you have expensive jewelry on hand, such as an old wedding ring or necklace, check to see if it has value beyond sentimental value. You don’t have to sell right away, but knowing how much profit you can make is a good start.
Check your drawers, boxes, and cabinets for fine jewelry from brands like Tiffany, Cartier, and Gucci. Get all items you want to get rid of appraised. Even if you don’t have the most expensive item, you could still get hundreds or thousands of dollars.
Some of the places you can sell your jewelry include social media platforms, auction houses like Sotheby’s, and online sites like myGemma. You can also go to a local jewelry store or, if you’re serious, a pawn shop. Please note that unless you can collect the cash in time, you may not get your pawned item back.
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Similar to jewelry, there are many luxury watch brands that can fetch you a lot of money. A used watch may not sell for as much as a new one, but don’t let that stop you from trying it out. The better the condition of your watch, the more likely you are to get a high price for it.
An example of a valuable luxury watch is a Zenith watch. When purchased new, they typically sell for between $10,000 and $14,000. One of the special watches, the Defy Skyline Tourbillon, costs $57,100.
Another famous brand is Rolex. These prices average between $7,000 and $12,000, but certain ones can cost much more than that and therefore have a higher price tag. Luxury watches can be sold through auction houses or websites that specialize in luxury watches, such as The 1916 Company.
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luxury or classic car
Both luxury and classic cars can fetch great value if you know where to sell them and keep them in top condition. Sales prices typically vary based on factors such as make, model, and mileage.
Brands that are worth a lot of money include Rolls-Royce, Aston Martin, Bentley, and Mercedes. The same goes for certain classic cars like the Corvette Stingray.
There are companies that specialize in buying exotic and classic cars. Or look for sites like CarMax or Carvana that will buy your car for you.
luxury apparel
Designer clothes may also be worth selling if you’re in a pinch, especially if they’re just taking up space in your closet. Check your wardrobe and storage for names like Ralph Lauren, Tom Ford, and Michael Kors.
Certain items, such as dresses and suits, tend to be more expensive. Actual prices will vary depending on a variety of factors, including apparel type, brand, and condition.
Consider listing your gently used luxury apparel on sites like eBay and TheRealReal. Or see if your local thrift store will take it. You may not make as much money, but you can sell things faster.
accessories
Certain accessories, from handbags to belts to suitcases, can also command high prices. Raid your closet and look for names like Gucci, Louis Vuitton, Coach, and Dior. You could potentially make hundreds or even thousands of dollars by selling a few things you no longer need.
Options to sell these luxury items include Rebag, Poshmark, and auction houses.
luxury house
Selling a home can be tough, even if it’s not your home base. But when you need money, luxury properties can put you in financial trouble. Depending on your situation, you may be able to use some of the proceeds to buy a smaller, more affordable home while still paying for what you need and establishing a more financial cushion.
According to Zillow, the average home price in the United States is $361,282. However, in some housing markets there are properties with much higher prices, so get an appraisal. Luxury homes also tend to cost much more, often in the millions of dollars.
As for where to sell, you can always put up a For Sale By Owner (FSBO) listing. Or, if you’re in a hurry, you can hire a real estate agent to help you price, market, and view your home, as well as negotiate with potential buyers on your behalf. You can completely hands off during the process if you want to.
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This article originally appeared on GOBankingRates.com: 6 Luxury Items Retirees Should Consider Selling During Tough Times
