Junk in your Loft may be Worth more than You Think

Have you got electronic gadgets in your loft? Perhaps some old stereos, clothes and suitcases too? Even a wedding dress? You may be underestimating the value of all this ‘junk’. Is there an opportunity to sell some of it to raise money?

According to new research from The Co-operative Bank and The Co-operative Insurance, UK residents have an average of £2813 worth of clutter gathering dust in their lofts.

The value of this ‘junk’ is far higher than the £559 that people estimate the value is.

Apart from family heirlooms and treasured photographs, common items stashed in the loft include electronic goods such as computer equipment, old stereos and televisions, as well as clothes, and suitcases.

Some 27% of people use their loft to store their wedding dress and another 10% to store old bikes.

Perhaps surprisingly many people never clear out their loft, resulting in many duplicate items being stored, including as many as five TVs for one in five.

James Hillon, Head of Home and Family at the Co-operative Bank said: “For many, just the thought of having a clear-out is a cause of worry, so much so that the term ‘hoarder disorder’ has been coined to explain the scientific symptoms and medical reasons behind our hoarding habits.

“But at a time when many people are struggling financially, it is surprising to see how much earning potential those items that are rarely seen or used could have.

“While there are always heirlooms and items of emotional value that we can’t bear to part with, selling a few of the less sentimental things online or at a car boot sale could be a great little earner when times are financially tough.”

Despite the fact that many are trying to save money and the majority say their hoarded items don’t have any sentimental value, a third wouldn’t consider selling any of the items to raise money.

Lee Mooney, Head of Home Insurance at The Co-operative, said: “The findings tell us that more than half of people do not consider the items they have stored in their attic when taking out home insurance, which means that if their was a leak, or worse, a fire, they could lose thousands of pounds from their attic alone.”

Looking beyond the loft, the research revealed that people estimate that further money generating clutter worth up to £2598 is stored in the following areas:

• Spare room – £585 worth
• Hall cupboard – £328 worth
• Under the stairs – £299 worth
• Shed – £500 worth
• Garage – £886 worth

MoneyHighStreet comments: “It’s so clear that many of us have so much clutter in our houses and have little understanding of its value. Items get stored away and we find it difficult to part with them, even though many only act as dust collectors for many years.

“Despite the difficulty, it really may be time to take action to clear out some ‘junk’. Perhaps going to a car boot sale can help – as long as you don’t end up buying more items than you sell!

“Anything that you keep though, do make sure you properly assess the value and get adequate home insurance in place to cover it.”