20 hidden sources of income lying around your house

REUTERS/Ivan Alvarado

Your home is likely full of items you’re no longer using, and some of them could be worth hundreds or even thousands of dollars.

“Whether it’s personal items or family heirlooms that have been passed down for generations, many people underestimate the value of the possessions collecting dust in storage,” said Jacquie Denny, founder of Everything But The House (EBTH), an online estate sale service.

In particular, buyers are willing to pay top dollar for anything rare or in limited supply, Denny said. However, even everyday items can bring in extra cash. As the saying goes: "One man’s trash is another man’s treasure."

If you need extra money, check out these 20 sources of hidden income that could be lying around your house.

1. Clothing

Chances are that you and your loved ones have clothing that’s collecting dust in a closet. If these items are gently worn, you might be able to cash in by selling them. One of the easiest ways to unload your used clothing for cash is to sell items on consignment.

I’ve been selling clothes through a local consignment store for years and regularly receive 50 percent of the selling price for items I unload. To earn top dollar, look for upscale consignment stores that enjoy a lot of foot traffic. Additionally, you should find out what brands and items the store accepts and make sure your clothing meets the store’s standards.

You can also sell to an online reseller such as Thredup.com, which will send you a pre-paid package to ship your items. Thredup sellers can earn up to 80 percent of the marked price of their items.

2. Designer shoes and handbags

If you paid big bucks for designer shoes or a handbag that you now rarely use, you can reclaim some of your money by selling these items online. Frugal living expert Lauren Greutman, who blogs at IAmThatLady.com, said she has sold shoes through Poshmark for up to 50 percent of the retail price.

You can snap a picture of the items you want to sell using the Poshmark app and list them instantly. Poshmark will send a pre-paid box to ship items that sell and take a $2.95 commission for sales less than $15 and a 20 percent commission for sales above $15.

3. Jewelry

If you have an inherited necklace that isn't your style, or an engagement ring you no longer wear because you're divorced, you might want to consider selling these pieces for cash. Said Denny, fine jewelry can be worth a lot.

To make sure you get the full value of your jewelry, consider having items appraised beforehand. You can find an appraiser near you through the American Society of Appraisers' site, Appraisers.org, or sell online through an auction site such as eBay.com. While you can also opt to sell to a jeweler or pawn shop, it's important to seek out quotes from several stores before doing so.