Puffs of dollar bills wafting through a home's chimney representing home ownership responsibilities such as mortgages, repairs, and upkeep.
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The Stylish Instrument That's Quickly Losing Value In Your Home
If you love buying antique furniture, you have probably eyed a gorgeous vintage piano once or twice. Unfortunately, if you buy this item, it will do nothing but lose value.
From the moment you purchase one, your piano depreciates for several reasons. For one, pianos aren't very popular anymore due to the lack of music parlors in modern homes.
Additionally, after just one year of ownership, a piano will have plummeted to being worth 78% of its value, and after 15 years, the instrument is worth only 40% of its value.
Because of this, the high price of pianos can't be justified in the same way anymore. Some people are so desperate to get rid of their pianos that they give them away.
The value of a piano hinges massively on its condition. You can do certain things to help keep your piano in good condition, such as cleaning and tuning it regularly.
There are exceptions — for example, a Steinway piano will hold more value than other brands — but for the most part, the older a piano is, the less desirable it becomes.