What is Personal Property?
When I first created my appraisal, estate sale & consignment firm, I initially called it Personal Property Consultants. However, I ran into a problem: No one knew what personal property was! Even today, I find myself explaining the term over & over.
So…What is Personal Property?
Common definitions of personal property often include “movable property; belongings exclusive of land and buildings…Any asset other than real estate.” After 20 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! 973-425-1550
Co-Authors: Lynn Magnusson, ASA, AAA and Becky Lipnick, Communications Coordinator
We recently received an email from a customer who could not believe that there were people in 2017 who were unfamiliar with the term “personal property.”
Because some other readers may have had the same thought, here our reply from Becky, our Communications Coordinator:
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