What is Personal Property?
When we first created our appraisal, estate sale & consignment firm, we initially called it Personal Property Consultants. However, we ran into a problem: No one knew what personal property was! Even today, I find myself explaining the term over & over & over & over. This blog was born out of the idea that maybe, just maybe, we could create an educational tool to refer all curious people seeking an comprehensive understanding of the term, “personal property”…
So…What is Personal Property?
Common definitions of personal property often include “movable property; belongings exclusive of land and buildings…Any tangible asset other than real estate.” After 25 years in the business, I find that the definition most people immediately understand is the simplest: “Stuff.” The only danger with this definition is that people often have a preconceived notion of their “stuff’s” value. Some underestimate, while others overestimate the monetary value. Just look at these different examples of what you can own!
As you can see, there are a lot of types of personal property. And, the same type of item can vary drastically in price: Someone selling a “car” could have a $100 junker or the latest Tesla…”Stuff” can sell for six-figures or pocket change, depending on the particular items’ characteristics of value. How can you tell what your collection is worth, if you aren’t sure?
Call the Magnussons!
Our Appraisals Manager, Leslie Picinich, can be reached @ 973-425-1550
Co-Authors: Lynn Magnusson, ASA, AAA and Becky Lipnick, Communications Coordinator