In continuation of my “make money from your hobby” series, I’m going to share with you some tips on where and how to spot good antiques.
If you don’t know it by now, buying and selling antique furniture is a billion pound business worldwide. Many people are gaga over classic chairs, tables, plates, and everything in between, because it can give them up to 200 per cent return on their investment.
So if you’re interested in complementing your property investment cashflow, check out these tips on how to get started on buying and selling classic furniture.
Visit auctions and estate sales
Small-town auctions are the go to events for buyers looking for quality antiques at bargain basement prices. Yes, you read it right. The best antiques to buy for newbies aren’t really found in fancy auction houses.
Choose a small town event scheduled for a weekday and located 50 miles away from the nearest city. This way, you’ll be sure that the property auction won’t have too many attendees, which means less competition for the items going under the hammer.
Bad weather is also your ally during auction days. Antique shows go on whether it rains or shines, but buyers won’t be running on the same principle. When it rains or snows hard, fewer people show up and fewer bidding wars take place.
Finding the next small town auction won’t be hard task. Just flip through the classified section of your local paper under “Antiques”, “Farm Equipment”, or “Livestock”.
Estate sales, on the other hand, occur less often that’s why you have to be on the look-out for these announcements. These events come once in a blue moon, because this only occurs when an owner decides to sell everything that isn’t bolted down the floor of this floor.
Honestly, some of the furniture sold on estate sales have been quite pricey of late. But when you chance upon a good sale, there’s still a big chance to still get great bargains from these events.
How to choose the right furniture
Whether you’re attending an auction or an estate sale, never forget to stay alert and keep an eye on the item you want. Quick wits and speed are key in buying in these events. Otherwise, you’ll end up taking home a rusty old tub rather than an oak rocker.
When looking at wood furniture, always check the furniture’s weight. If a chair heavy for its size, then there’s a big chance it’s made of hardwood. The true test is actually looking at the grain of the wood used. But because, it’s hard to distinguish different types of wood when you’re a beginner, checking an item’s a weight is the advisable test for newbies.
Be wary about buying broken and cracked furniture as well as items which are missing some pieces. Major furniture reconstruction is best left to experts, not buy and sell enthusiasts.
Never, ever buy dishes or glassware. There is so much counterfeit glassware, crystal, and porcelain flooding the market that you’ll need a trained eye to tell what’s real from the fake. If you are dying to get porcelain items brands like: Heisy, Steuben, Noritake, Occupied Japan, Roseville, Wedgewood, Nippon, and Red Wing give you good quality for your money.
As long as you know where to start, finding antique furniture at bargain prices and selling them at top prices can be very doable.