Reloading Inventory
- Thread starter dale2242
- Start date
KeithB
Resident Half Fast Machinist
What is the inventory for? Just to know what you have, or is it for insurance or tax purposes or estate evaluation? If you're trying to figure out what you could get for everything if you had to sell it all at once, i.e. an estate sale, what you or someone will get is a lot lower than you might think. Remember most auctions charge 25% - 33% of the sale price. If your insurance covers full replacement value then that's another story. Maybe think about listing several values for each item such as new/replacement cost, used sale price, original purchase price, etc. Not at all unethical to have three values assigned to a piece of equipment for example that cost $25 new tweny years ago, you could replace it with a used one today for $50 or buy a new one for $100.
Petrol & Powder
Well-Known Member
If for insurance purposes, you may want to consider replacement cost.
If for other reasons, the condition of the item may alter the value at the current time.
What you could (reasonably) sell something for isn't the same as replacement cost.
EDIT : looks like Keith and I answered at the same time.
If for other reasons, the condition of the item may alter the value at the current time.
What you could (reasonably) sell something for isn't the same as replacement cost.
EDIT : looks like Keith and I answered at the same time.
Ian
Notorious member
Equipment of any kind starts at scrap metal price and goes up from there based on condition, desirability, rareness, and what someone is actually willing to pay you.
Components is whatever someone will give you, which these days might be 1980s prices or current prices for new components x2 because they can't get new anyway.
Components is whatever someone will give you, which these days might be 1980s prices or current prices for new components x2 because they can't get new anyway.
Petrol & Powder
Well-Known Member
If you're conducting an inventory for potential future losses, such as theft or fire; I strongly recommend digital photographs.
Store those images someplace AWAY from the location of the items, such as in a bank safe deposit box, at an attorney’s office, at a trusted relative’s home, secured in “the cloud”, at a remote office or business you own, etc. If there is a loss, such as fire, you will not lose the records in the same event.
In addition to reloading equipment, photograph: firearms, jewelry, expensive electronics, high end tools and other valuables. Not only are expensive items prone to theft, but insurance companies will bicker about the value of a claim without some evidence.
When photographing firearms, at least three images are usually needed for a full record. An overall photo, a close up of the serial number and a close up of the make and model. The beauty of digital images is you know instantly if the image is adequate. If the image is blurry, delete it and do it over. Digital images cost almost nothing to make and are easily stored. That type of record is HIGHLY useful in later criminal investigations of theft and/or insurance claims.
Along with those images, ledger of values, and any appraisals, maintain a copy of any relevant insurance policy(s) - in a safe, remote location.
Store those images someplace AWAY from the location of the items, such as in a bank safe deposit box, at an attorney’s office, at a trusted relative’s home, secured in “the cloud”, at a remote office or business you own, etc. If there is a loss, such as fire, you will not lose the records in the same event.
In addition to reloading equipment, photograph: firearms, jewelry, expensive electronics, high end tools and other valuables. Not only are expensive items prone to theft, but insurance companies will bicker about the value of a claim without some evidence.
When photographing firearms, at least three images are usually needed for a full record. An overall photo, a close up of the serial number and a close up of the make and model. The beauty of digital images is you know instantly if the image is adequate. If the image is blurry, delete it and do it over. Digital images cost almost nothing to make and are easily stored. That type of record is HIGHLY useful in later criminal investigations of theft and/or insurance claims.
Along with those images, ledger of values, and any appraisals, maintain a copy of any relevant insurance policy(s) - in a safe, remote location.
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L Ross
Well-Known Member
I've mentioned this before but my wife is very likely to ask me, "Are they going to get any cheaper?" She also insists she hopes to pass first so she doesn't have to deal with all of my accumulated crap.
Winelover
North Central Arkansas
As does Cindy. I told her to just keep the stuff in the vault and let the vultures have at it, after she passes. She doesn't need the money.
Petrol & Powder
Well-Known Member
While you're at it , you might as well make a digital photograph record and written ledger of the property. If it's worth making an inventory, it's worth doing it right.
JonB
Halcyon member
Yea we do.
I've put pen to paper for my 2015 Auction, and a few times since ...because I seem to always be considering another auction and I am always surprised at the numbers.