How to find $5000 in your home

Don't feel guilty for past luxury splurges—items by brands like Louis Vuitton and Chanel, as well as more affordable ones like Tory Burch and J. Crew maintain their value, making them perfect for resale, says Amanda Jungman founder of Socialite Auctions, a luxury online consignment shop. Handbags and shoes are two of the most popular fashion items, adds Jungman, who recently sold a gently used Louis Vuitton Neverfull Tote for $900; its original price was $940. Well-maintained Tory Burch wedges that originally cost $295 sold for $140.

One tip for finding potentially valuable goods? Investigate anything with a signature. When Jungman discovered a signed Murakami placemat that a client picked up at a museum gala, she immediately knew it had potential. He just had it laying around his kitchen and had no idea it would sell for $750! she says.

Don't store old cell phones and PDAs in your junk drawer. Instead, sell them for cash! Jeremy Cohen, founder of ExchangeMyPhone.com will pay for over 150 phone models. For example, your iPhone 4 will bring in $210, or send in your Blackberry 9900 and earn a cool $115. Cohen has even taken iPads that were run over by a truck. They were entirely shattered…but there is a market for people who want these electronics and will pay for them.

Like damaged electronics, don't shy away from listing damaged pieces—just write an honest description and provide detailed photos. Jungman sold a set of sconces for $200, even though one had a damaged shade.

Is your shiny new kitchen appliance just an abandoned reminder of your resolution to cook more at home? Amy Weintraub, owner of SHOPitLA in Los Angeles, sold a client's Cuisinart Crock Pot for $50, just $20 less than the original price. (Stores like SHOPitLA charge a commission based on the sale price, which may include all photography and list fees.) A helpful hint? When you're selling anything electronic, Weintraub recommends photographing them plugged in, so that buyers can see that the item is working.

The secret to drumming up interest in your wares is to list them for cheap on online auctions. Pricing your items low can often create a bidding war, says Weintraub, who listed this Nikon Camera for $100, ultimately selling it for $405!

Buyers love a good story or an anecdote that can vouch for the product and create a sense of trust with the buyer. Put something personal in your listing, says Weintraub. With a camera, try adding something like: This is a great introductory camera, but my passion for photography has grown so I decided to upgrade.