Do you have a modern treasure hidden in your garage or loft? Here’s what to keep in mind when doing a summer cleanup

Let’s face it, the current economic climate remains challenging, with higher costs for all of life’s essentials meaning we have less disposable income for the pleasures we all deserve.

That being said, it doesn’t really matter what financial situation the world is in because the truth is we could always benefit from some extra cash.

In my book, Money Maker, I look at how households across the country can amass thousands of pounds.

This could be due to the fact that people do not know the intrinsic value of unused items because they now see them as trash, or they do not have the knowledge or confidence to extract the value from these items in the most efficient and profitable way possible.

Generally speaking, most of us don’t like to do big clean-ups, especially when we’ve accumulated so much stuff (that we consider useless) that it could fill an entire room.

I have fallen into this trap several times because I am a magpie.

As a jeweler, it is in my nature to be curious about things, which leads me to collect a variety of some of the most unusual items I can find.

But my problem was that I collected so much that I had to rename my home office the doom room because it was filled with things I never used.

Fortunately, after many stern words from my husband and listening to my own advice, I got rid of all my trinkets and collections and sold them for cash that I can put to better use.

It also means I can write this article there without worrying about Aladdin’s cave collapsing on me.

One place that is often overlooked but could hold a treasure is the garage. It is one of the first places we Brits accumulate all the old stuff we don’t want – things we don’t see, things we don’t remember.

Did you know that we have 11.4 million garages in the UK, but it’s been reported that only half of them are used to park a car, the rest are like an extension of the garden shed, a place where we store things we just don’t use or don’t know what to do with?

This means there are 5.7 million garages probably filled to the brim with items we could sell (and, as I mentioned, sheds – there are 9.6 million of these in the UK probably storing treasures too).

Now is the ideal time to start tidying up these spaces and get some extra cash to line your pockets. With the second-hand market worth over £10 billion this year, the demand for used items has never been higher.

So I’m wondering, what kind of items can you sell and for how much?

Well, if recent research is to be believed, these spaces could hold a staggering £2,600 per household, so you’d be foolish not to follow my handy guide to the sorts of things that could release some of this value into your own bank account.

Sports and leisure equipment

A recent study found that most adults give up a hobby after just 16 months.

There will be several life factors that give good reasons for this, but if they are correct, we can safely assume that most households will have hobby items gathering dust when they could be making money.

Sports and gym equipment is a particularly big moneymaker, with Brits sitting around an estimated £1.5 billion of these unused items, which works out to an average of around £200 per household that is not being fully utilised.

I am a prime example of this, as my golf clubs have been sitting in the garage for almost a decade, when I could sell them for between £150 and £1,000.

We often keep large sports equipment such as treadmills, exercise bikes and weights in the garage.

All of these items will be in high demand on the second-hand market. Smaller items such as tennis rackets, skates, fishing equipment, painting equipment and sewing machines are also in high demand and can fetch you tens to hundreds of pounds.

Even your old sleeping tent can sell for £200 if it’s still in excellent condition.

Another item of sports equipment that can bring you a good profit is bicycles.

The bike club’s research found that approximately 34 percent of the adult population has one or more unused bicycles and 15 percent of households have one or more unused children’s bicycles.

Depending on condition, make and model, the average adult bike can sell for around £200 and some children’s bikes can fetch between £80 and £130.

I find community marketplaces like Gumtree and Facebook to be great places to sell unwanted bikes.

Tools

We spend £20bn a year on tools and research suggests that at least £2bn of it is unused and 10 per cent has never even been opened.

Power tools and even hand tools are a huge market, so a thorough cleaning can make you a lot of money quickly.

There are many places you can sell tools such as cash4tools.co.uk and toolsquirrel.co.uk, in addition to your usual e-commerce sites.

Old magazines, newspapers and their supplements

Following the death of Her Majesty Queen Elizabeth II, newspapers depicting this historic event were listed and sometimes sold for hundreds of pounds.

Big headlines can often mean a lot of money, but I think it’s better to sell these newspapers outright to maximize their money-making potential.

For example, newspapers covering the Queen’s death were selling for £200 in the first few hours after publication, but now sell for just £3-£5.

Even at the lowest level, earning a couple of pounds for an old newspaper because someone wants to own a piece of history, is not hard work.

However, if you have stacks of old newspapers that are still in good condition, they could make you a decent sum, but check them to make sure you don’t sell a stack with one of the following headlines, as one of these headlines could make you a lot of money:

The Cuban Missile Crisis: 500 pounds

The Death of Elvis Presley – £300

The Great Train Robbery: 200 pounds

Prince Charles and Lady Diana’s wedding: £200

Death of Princess Diana – £100

CDs, cassettes and vinyls

You might think that these old methods of listening to music are a thing of the past, but the digital age has actually fueled a nostalgic love for returning to how we used to enjoy it.

In 2022, 19 percent more tapes were sold than in the previous year, and overall, there has been a 94.7 percent increase in the popularity of cassette tapes since 2020.

Vinyl is also currently enjoying its highest popularity in 30 years and even mass-produced copies of certain records can sell for around £12 each. Rare vinyl editions can earn you thousands of dollars:

An original Australian pressing of David Bowie from 1969 sold for £7,100.

The first copy of The Sensational World of Kate Bush sold for £2,200.

There are several factors that affect how much you can charge for your old CDs, cassettes and records, such as the popularity of the artists and the condition of the item, but as I mentioned, even mass production can make you some money – I find that selling them in packs often ensures a quick sale.

Old furniture

To you it may be rubbish, but to many others these items can be a real treasure, especially considering the recycling industry is worth a phenomenal £160 billion a year.

Last year alone, the term “recycling” was searched for on the internet 3 million times. Further research shows that around 44 percent of the population has tried it and it has quickly become one of the most popular pastimes in the country (let’s hope that in 16 months people won’t get bored of it).

This way, you can take advantage of this trend and sell your old furniture to someone who wants to give it a new life.

As always, remember to research your items first – you don’t want to sell a Chippendale for pounds when it’s actually worth thousands.

There are hundreds of other items you can sell for a profit, especially now that we’re all becoming more climate conscious and trying to be more sustainable.

Since there are many factors that affect everyone’s budget, buying things we need secondhand is cost-effective and helps the planet, so everyone wins.

I highly recommend you look into your storage spaces and do some healthy tidying, not only could you get the use of your garage or shed back, but you could also make enough money for a vacation or something you’ve been wanting to treat your family to for a long time.

Send us your modern treasures

Dan Hatfield: Our columnist is ready to value his modern treasure

Dan Hatfield is This Morning’s money-making expert and pawnbroker. He is an international specialist in antiques, jewellery, diamonds and collectibles.

Dan’s first non-fiction book, Money Maker: Unlock Your Money Making Potential (£16.99, published by Hodder Catalyst) is out now.

Modern Treasures seeks out your items and collections for valuation.

Please send as much information as possible, including photographs, to: editor@thisismoney.co.uk with the email subject: Modern Treasures

We are only looking for post-war items and may contact you for more information.

Dan will do his best to respond to your message in his biweekly column, but he will not be able to respond to everyone or communicate privately with readers.

Nothing in their answers constitutes regulated financial advice. Posted questions are sometimes edited for brevity or other reasons.

As with anything, if you are looking to sell items and collections, it is wise to get a second and third opinion, not rely solely on Dan’s suggestions.