What is True Value Personal Property Appraising
A favorite saying, “He knows the Price of Everything, But the Value of Nothing”. (Oscar Wilde, Irish Poet, 1854 – 1900)
Many of us confuse the meaning of the word “Value” with the word “Price”. The meanings are very different, depending on the situation you are in. If you are dealing with a Government / Legal perspective, Value would be stated in Fair Market Value.
If we are dealing with an insurance related issue, there are many valuations. Depending on whether the item to be replaced is almost brand new, then we would be looking at Replacement Cost New. If an item is used, we would use “Replacement Cost Used”. In some cases, an item can be repaired, then the insurance company would pay for the repair / cost to restore. I see this in the Fine Arts, where a piece is damaged, it might be acceptable to restore it to an acceptable level of its original form.
“Value is in the eyes of the Beholder”, all of our relatives have kept items, things and stuff of all kinds. It doesn’t matter what the item is. Garages, Basements, Rental Storage Units and almost every nook and open space has been used. It could be anything. It does not matter what its true value is? We all have a reason why we are holding on to an item. Emotional value is sometimes more important than financial value. It’s up to you to decide the importance of an item. Here are some things to consider:
- If you are not using ‘something’ and have not used it in the past 5 years, chances are it will remain where it is for the next 5 years. Is it really worth anything? Can it be sold, and the money put to other uses? Can it be given away to someone who can use it? Or can it be trashed, recycled?
- With blended families, relatives who passed, or just picked up, we all have excess furniture. It’s everywhere and probably is not used. Unless it’s a true antique and was made in the Upper Canada period (1700 – 1850) then you keep it. Everything else is questionable of its value. Examine on-line websites for furniture of the same period. Then decide. It could be given, or sold for someone else to enjoy.
- Boxes of “Stuff & Things’ ‘, items that we have not gotten around to sort through. For whatever reason, we all have boxes that we have not had the time to go through. It could be collectables, jewelry, photos or …. Some people have found jewelry, classic watches, coins, and other items that had meaning. It just takes the time to go through all of it.
- Separate all items that have an emotional attachment to you or your family. Is something meant to be passed on to your future generation, with a detailed note and history?
- Deciding to tackle “Stuff & Things”, takes time, might involve other persons, and the question of what or how to dispose of it all. Once the process has started and completed, you will feel more relaxed, knowing that you never have to go through all the “Stuff & Things” again. And this is very valuable.
On a Personal Note: I have had to move my deceased parents’ household. It was easier for me to just store and load my basement up with “Stuff & Things”. I did not have the time to go through all the boxes. Or to decide what to do with everything. I figured that I would get around to it. It was a very hard process. And also took a lot of time. Many things were donated, thrown away or sold. In our daily practice, we examine and report on personal property valued from the low to the very high values. We interact with many high net worth individuals across Canada. Most view “Stuff & Things” as a distraction, not worth the time and effort that might take them away from their core business. The emotional or very personal item is kept and treasured. Everything else is secondary, unless there is true value. Most will try to create memories to treasure for a lifetime, or events for Family & Friends.
True Value – Another way to look at things
There is a lot more than the value of “Stuff & Things’ ‘, consider the person who was a collector, fanatical in his or her approach, ignoring all other pleasures in life and family. Only to die, alone, and whatever was collected, prized over everything else. Only to end up in a landfill, and forgotten. This is not to say that your collection is of no importance, but it should not be at the expense of Friends and Family. The concept of balance is forgotten.
The stress of having so much “Stuff & Things” from family, or your own. Can be overwhelming, and can cause you additional stress or even medical issues.
Are the items that you keep in a paid storage place worth more than your monthly fee. If you have the idea to sell the items, but as with everything,
It takes time. Then the longer you keep the storage locker, it eats away at your profit. Over time, it would be if you gave away everything, and you
do not have to pay any more rental fee, you are still ahead. The “Stuff & Things” are gone, and you should have less stress about it.
Enjoying friends and family with special moments or activities has great value. The enjoyment of every day is priceless.
The ability to be kind & respectful, which does not cost anything goes a long way. Or even the time to start taking care of yourself.
The value of getting a great haircut at Clement’s on Pitts street. Or the perfect Manicure & Pedicure treatment at Oasis Spa. The time spent with children or grandchildren, and other family members. Time is the greatest gift that can be given freely.
We spend too much time worrying about what our “Stuff & Things” is potentially worth, that we forget what true value is. It’s not attached to any dollar amount and it’s given very easily. Its value is impossible to calculate.
As Christmas rolls around the corner, it has been said that it’s not the value of the gift, but just the thought of giving a gift is where the value is.
We want everything to be just right this holiday and try to be perfect, Remember that kindness is very valuable and spreads like a wild-fire.
Hoping that this Holiday season brings joy, rest and time with all whom you love.
Disclaimer
Insurance Policies are very personal suited to the individual and or his household. Not all insurance policies are the same. The due diligence is your responsibility. Please contact your qualified insurance broker / company for any questions on your policy. Prestige Evaluation Inc. can not provide any advice or information concerning your personal property insurance requirements. Prestige Evaluation Inc. does not engage in any buying or selling of any personal property. Prestige Evaluation Inc. can not do any verbal appraising without a work file and consultation.
