Author Topic: WWAMD? Short term move, liquidate vs. store possessions?  (Read 2397 times)

phwadsworth

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WWAMD? Short term move, liquidate vs. store possessions?
« on: June 21, 2015, 06:09:01 AM »
What would a mustachian do?

We are moving from a 1700 sq.ft. house in VT to a 600 sq.ft. apartment in Manhattan for my wife's next step in training to be a surgeon.  We have no plans to stay in NYC, and we hope to come back to this area of VT "soon", but there are no open surgeon jobs on the horizon right now, so it may be "a few years" until we return.  We'll probably try out some other places in the US to live in the mean time.

We are selling most of the stuff that fills this huge house, but are debating what to do with all the tools.  We rehabbed this place over 5 years and have a pretty solid work shop of hand/power tools in the basement that we built up to do the work.  Probably $3k worth of stuff new, could be sold for 1/2 that maybe.  My wife wants to keep them all in a friend's basement (it's safe and dry).  I sort of think we should just liquidate it all, because:  we don't know when we're coming back, hopefully any future house we buy won't need this level of rehab, we can always buy tools again, they're just "things".  But, if we liquidate, we'd be getting dimes-on-the-dollar in terms of value for tools that work just fine...and that "feels bad".

So, Mustachians:  Liquidate and walk away with no worries, then buy new again at some future date if needed?  Or, save the tools frugally hoping that we come back and get value from them at some future date.

(fwiw, if we save them in the friend's basement, and several years from now we still haven't returned to claim them, I would not ask this friend to sell them for us.  That would be awkward and is not an option.  I would just surrender the tools to him)

forummm

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #1 on: June 21, 2015, 06:59:03 AM »
Lesson learned: buy used next time and then you've only sunk the used cost (which you could recapture selling used again).

How likely are you to need all of the tools again?

Since there's some chance you're just going to give them to your friend, and it's going to take up space in their basement anyway, and it's only $1500 you'd be out, why not just get rid of them? Let someone benefit from them. You got good use out of them--hopefully $1500 worth. Invest the $1500 and move on with life with the tool burden lifted.

Rezdent

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #2 on: June 21, 2015, 07:25:40 AM »
Agree with forummm - sell.
I consider short-term to be days or weeks, not "a few years".

If you don't sell, please don't impose this stuff on your friend. It makes me nuts to see people pushing their storage issues on family and friends.  It is a terrible option.  Your friend is paying costs to have their space, they should be able to use it.  A good friend doesn't add to other's clutter.

If you don't sell, you should rent a proper storage room.  This exposes the true cost of keeping things that you have no room for and can't use.

Separate what you've paid for something from its usefulness today.  Think in terms of carrying costs instead.  Storing the tools will not bring the money back and will cost you more. They aren't irreplaceable.  It's best to cut them loose.

phwadsworth

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #3 on: June 21, 2015, 07:36:50 AM »
thanks for the advice guys.  Anyone else?
Also, any advice on how to convince the wife of this, she is clinging to as much of our stuff as possible.

(fwiw, this friend offered first, he has tons of unused space, and he'll be compensated with several pieces of furniture that he needs for his place)

partgypsy

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #4 on: June 21, 2015, 08:10:40 AM »
I actually don't think it is a horrible plan, as long as you don't mind, many years later not getting your tools back. Afterall this person offered, and will have access to a bunch of tools he/she doesn't have to buy. The sticky point is retrieving the tools. At that point the particulars will be forgotten as well is what is whos, and it may be awkward getting tools back.
Solutions would be writing something clearly in writing, and enscribing the tools, or simply have the person buy the tools outright.

Had an awkward situation where a friend left for parts elsewhere, and sold his guitar for a good price before leaving. Many years later he came back in town, and wanted the guitar back, saying he never sold it he was just loaning it. He did give hubby the money back, but hubby then was out of the guitar for many years and was attached to.

CowboyAndIndian

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #5 on: June 21, 2015, 12:11:23 PM »
I would sell it or give it away, but not keep in a friends basement.

You are inconveniencing your friend with all your tools taking up space in his basement.

I am also thinking of how to dispose of my tools as I will move to a smaller apartment in a couple of years when I retire.
I am considering giving them to  habitat for humanity.

expectopatronum

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #6 on: June 21, 2015, 01:00:36 PM »
I'd sell. Even a used price could be worth it. Stash away the money and buy again used if you need it.

What I would NOT do is pay for storage. You'll eat the cost of the tools in no time.

I don't think keeping them at the friend's is a horrible idea given he was the one who suggested it, but I don't think it really solves your problem either. It has no real benefit other than "peace of mind" (aka not being able to let go of stuff...) since your long-term plan is to just give them away to said friend anyway. If you came back in a year and needed the tools, maybe that'd be a decent idea, but it sounds like things are pretty up in the air. With them sold, you'll be able to move around more freely and you'll have some money to put towards a used-tool purchase sometime down the road.

gReed Smith

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Re: WWAMD? Short term move, liquidate vs. store possessions?
« Reply #7 on: June 22, 2015, 10:00:39 AM »
I would let you keep the tools in my basement if I were your friend.  I think free use of the tools (yes, I would feel entitled to use them) and use of the furniture is a fair trade. In fact, if the furniture is a couch or something that will get progressively worn, he's getting the better deal.