Make sure you sell these 7 things before you retire — it can make (and save) you thousands of dollars

Home downsizing is a game-changer

For many retirees, the family home is a centrepiece asset and a big expense. Selling your current home and downsizing to a smaller property, condo or even a rental can free up significant cash while slashing property taxes, maintenance costs and utility bills.

In fact, a recent poll by Wahi showed that 37% of Canadians who planned on selling their homes in the near future are planning to downsize, 69% of which are aged 55 and up.

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Multiple cars

If you’re no longer commuting daily or if you or your partner don’t need separate cars, selling extra vehicles can save thousands. According to the CarGurus Index, the average used car price in right now is $31,166 — suggesting that shedding unused vehicles could add a significant amount to your retirement fund.

But the benefits don’t stop there. By selling an extra vehicle, you’ll also save on insurance, registration, maintenance and fuel, potentially cutting annual expenses by thousands.

Unused RVs or boats

Dreams of RV road trips or boating adventures often fizzle as retirees realize the costs and maintenance can rival — or even outweigh — the benefits. Selling these big-ticket items before retirement can recoup tens of thousands of dollars.

What a seller can get for their used RV varies greatly and depends on the RV’s size, type and condition. But like selling an unused car, the real savings arguably come from avoiding ongoing storage fees, insurance premiums and costly repairs that can drain your retirement budget.

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High-end furniture and antiques

Do you have a house full of furniture that won’t fit into your downsized living space? Or antique pieces gathering dust? Selling these items can bring in a surprising amount of cash.

Websites like Chairish or 1stDibs specialize in high-end furniture and antiques, helping sellers connect with buyers willing to pay top dollar. Downsizing your belongings not only declutters your space but also saves on moving costs. In some cases, selling large furniture pieces before you move could save hundreds — or even thousands — on relocation expenses.

Designer clothes, jewellry and accessories

If your closet is filled with designer handbags, expensive suits or fine jewellry that you rarely wear, now is the time to sell. Websites like Poshmark, The RealReal, or eBay can help you fetch fair market value for these items.

For retirees looking to simplify their wardrobe, selling luxury goods can provide a quick financial boost. Shedding expensive tastes also means fewer temptations to buy similar items in the future — another long-term savings win.

Unused exercise equipment

That treadmill, elliptical or weight set collecting dust in the basement could be a goldmine. High-quality exercise equipment retains significant resale value, especially as demand for home gyms continues to grow, with 73% of Canadians saying they prefer to exercise on their own rather than in a gym or group setting — per recent findings by Made in CA.

Selling unused equipment can net you anywhere from a few hundred to several thousand dollars, depending on the condition and brand. Plus, clearing out these bulky items creates extra space in your home — a win if you’re downsizing.

Collectibles and memorabilia

Are those old baseball cards, vintage comic books or rare coins gathering dust? These items may hold significant monetary value, but they often sit untouched for years. Before retiring, consider having your collections appraised and selling them to serious buyers.

The market for collectibles can be volatile, so timing your sale carefully is key. For example, a rare Superman comic book sold in 2024 for about USD$6 million, while sports memorabilia continues to fetch astounding prices. Even if your collection isn’t worth millions, selling it can produce an unexpected windfall.

Sources

1. Wahi: Few Canadians are being forced to sell their homes: Wahi survey, by Josh Sherman (Jun 13, 2024)

2. CarGurus Index: Explore used car pricing trends

3. Made in CA: Fitness industry statistics in Canada, by Nicole Blair (Dec 31, 2024)

4. Savvy Dime: Rare comic books that are extremely valuable today, by Kate Row (Nov 26, 2024)