Hey there everyone! It’s a new week and I’m back with another hobby that you can use to get a few extra pounds into your bank accounts!
Thanks to social media sites like Instagram and Pinterest, crafty folks have turned their attention to upcycling. Upcycling is where you update old furniture by giving it a new coat of paint or transforming it into an entirely new item.
What does upcycling old furniture have to do with a property blog – you may ask? Well given how properties are becoming more and more expensive, especially for younger people who are just starting out their careers, many first homebuyers are looking for all kinds of ways to save money. This includes buying affordable furniture. Upcycled furniture gives homebuyers on a tight budget the chance to get their hands on nice looking furniture at an affordable price point. So there is huge demand in this niche market.
Moreover, if you are among those that have upcycled your own furniture to cut down costs when you bought a house, then why not use that skill of yours to sell upscaled furniture to other homebuyers and allow yourself to make extra cash while your at it?
To guide you through this process, I’m sharing with you some tips that my friend, Linda, applies in her own upcycling business:
Set a cap for how much you spend
Ask yourself these two questions before you begin your journey into upcycling:
- Is there a good supply of old, quality furniture where you live?
- How much are people willing to pay for old, painted furniture in your area?
A big yes on both questions mean you are up to a great start on your upcycling business, because the local supply and demand for upcycled furniture will determine how much you spend on each re-do.
Price your upcycled furniture 2-3 times its total cost and to hit that goal put a cap on how much I’m willing to spend for every piece of old furniture you buy. For example, don’t pay over £96 for a dining set, £64 for a dresser, or £48 for dressers.
If you live in a place where there’s not a huge supply for old furniture then you can increase your spending cap for each piece.
Invest in the essentials
When my friend was first starting out in her upcycling business, she was shocked at the mountain of items every painter was supposed to have.
What she didn’t knew back then was many people who upcycle furniture use specialty paint on their projects – that’s why paint manufacturers recommend using items like accessory paint brushes, wax brushes, stencils, buffing pads, pearl paint, tiny little mixers, etc. in order to get the best results.
Since she only had a few pounds left in her checking account, she decided to ditch all these rules and bought 1 quality paintbrush and cut out old t-shirts and turned them into rags instead. She then used her remaining capital to buy good, quality paint.
Her decision turned out for the better, as having only the bare essentials helped her minimise her costs and complete projects faster.
Obviously, I’m not a master painter, but if you really think that the items I mentioned earlier really help in bringing out the best colour out of your paint, then purchase these items! But only do so when you have greater capital.
Maximise every drop of paint
My friend loves to use specialty paint. It gives off great colour and finish to any old furniture, but the downside is it costs £16-25 a quart! To conserve her stock, she uses dry brushing to make use of every last drop of paint she has and mixes different colours very often to create a new colour that she wants to try.
I hope these tips about upcycling helped you out in your budding enterprise. Don’t forget to return next week for more ways on how you can profit from property!