Affording Luxury

SELLING WHAT YOU HAVE TO AFFORD WHAT YOU’D LOVE TO HAVE….

new luxury investment pieces

Completely cleansing my entire closet and deciding what pieces are worth selling has been quite the process. Yet, it has been so worth it.

I also really love the idea of selling pieces I no longer love and using that money to buy a few investment pieces that I will love for years to come.

So, with this concept, you sell piles of clothes (or in my case, a suitcase of clothes) and use that to buy five or fewer pieces that are special and high quality that I otherwise wouldn’t allow myself to purchase.

In my opinion, it’s still a lot more resourceful to sell and use that money to pick up a few new pieces. You create space in your closet and money for your shopping budget. And, after all the hard work that goes into selling, I feel like I kinda deserve to purchase a new beautiful piece.

selecting what to sell

Not everything we declutter is worth selling. Some pieces may have holes, or stains, and in these cases, even with a huge discount, people may not be interested in buying.

With each item that you list, it takes time to upoload the photos, summarize the item, and answer people’s questions about the item. It may not be worth it if the item won’t sell for more than $15.00 You also have to consider the shipping costs (though this differs depending on your selling platform.)

I consider a good sell to be where I can at least profit $20.00. Most of the pieces I have decluttered weren’t super high-end brands, so the return is lower than if you had designer items.

For a used Kate spade purse, I made $30.00, versus the $100 I made for selling a brand new Michael Kors bag. If the item is a limited edition items that was very hot, the re-sale will be higher.

When asking what to sell, ask yourself this: Is this item something people would search for on the Internet? Is it such a hot item that they would pay a decent price for it used?

Many of the pieces I wanted to sell were trendy tops, with a bold print, and without a high-end label. People won’t often pay high prices for items like this because they could easily go to a mid-range store and pay about the same price for a brand new item during a sale.

This is a lesson for me: only buy quality, classic pieces that I adore and that someone would want if I decided to sell it. The neon pink bandage skirt that I paid $70.00 for? Even trying to sell it for $20, hasn’t generated a sell.

Sub-par items=subpar sales. Even limited edition collections with cheaper clothing brands won’t generate a high re-sale. For example, I purchased so many items from the Carli Bybel Missguided collection. These items were super hot when they were released and cost high price tags, because of the influencer. Yet, as I’m trying to sell a few of these pieces, brand new, with the tags, I can’t even sell the items for half of what I paid.

where to sell

Over the years, I have sold quite a few items on Ebay, but had experiences where the buyer would choose the “buy now” option, and not pay. In this case, the item is shown as sold, but my item is still sitting around as I wait for the buyer to pay. Then if they don’t I have to re-list the item. For me, Ebay was a hassle.

More recently, I have used Poshmark for the past year. While they do take 20% away from the price that the item sells for, that covers the shipping cost. So, even if my profit for a sale is only $12, Poshmark already has taken their 20%, and I have a shipping label, so I never have to worry that the shipping isn’t worth selling the item.

One of the best features of Poshmark, is that it offers seller protection. When someone purchases the item through the app, or accepts an offer you send, they are charged for the item immediately.

There have been a few occasions, were someone tried to purchase one of my items and did not have sufficient funds on the card they used to make the purchase. Poshmark send me a notification, so I know the payment didn’t go through. I then contact the prospect buyer and let them know, though they are contacted by Poshmark as well. So, there is never the issue of you waiting for someone to pay for an item, or shipping an item before the payment has been made.

I just ship my item with the pre-made shipping label and get a notification from the app when it is scanned at the Post office, so the package can be tracked. It is also very easy to transfer your funds to your bank account.

Beware prospect buyers who try to email you and take a sale off poshmark. I was nearly scammed once. But if you keep it in the app, the risk is minimal. In my experience, Poshmark is seamless and low-risk.

The main con I see, is that the sender can see your return address, as it is on the shipping label. Because I live in a apartment complex, I have the apartment community in my address, and omit my apartment number for safety reasons.

When I don’t have luck selling an item on Poshmark, I tote the rest to my local consignment store. My decluttering chain is Poshmark, then consignment store, then donation/charity.

cash & space

My greatest inspiration for cleaning our my closet was always space and peace of mind, not to generate money. I was so overwhelmed by everything on the hangers when I opened my closet door.

You may question if some items are worth selling. Maybe put them on a selling platform for a few months, and if they don’t sell, donate them.

If you get impatient for a clean closet like me, you may not take the time to sell every mid-range piece of clothing you own. When I purchased an item for $100 or more, I always try to sell. Unfortunately, most pieces with an original pricetag of $50 or lower don’t sell well.

If you have bags and bags of clothes to sell, it may not be worth your time to list everything. Really evaluate the quality, value and condition of your items.

What would you buy yourself if you saw it on a selling platform? The rest should be donated ot taken to a consignment store. This is a good option if you have piles of mid-range items.

However, because decluttering is such a trend right now, consignment stores are being overloaded with clothes. The one I use typically takes less than 10 items when I bring them 3 bags of clothes. For each item, I only get a few dollars. The return is very low, so only take items not worth your time selling online.

I am proud of selling my closet discards, not just because of the extra jingle I’ve made and the new beautiful items I have as a result, but for the space and peace of mind.

When you can generate cash and create closet space, it’s a win-win. Just imagine the new investment pieces you can introduce into your closet with the selling proceeds.