A walk-in closet can be a luxurious and practical addition to your home that also brings with it a sizable price tag – but does it add value to your property?
While a walk-in closet isn’t guaranteed to add financial value to your home, it could increase the chance of landing a fast sale owing to its desirable qualities. That being said, walk-in closets are becoming much more popular, and they are technically counted in the square-footage valuation of a property.
Read on to learn more about walk-in closets, and the impact they could have on the value of your property.
Walk-In And Make A Sale
Reportedly, in recent years, walk-in closets have transitioned from a staple of the rich and famous, to an everyday desirable for the modern home. They’ve gone from being an exclusive extra to a key selling point, offering a ‘boutique’ feel to a house or apartment.
When Forbes interviewed industry experts in 2016, they revealed that walk-in closets had gone from ‘a desired amenity to an expectation these days’. At another point, a real estate broker told the story of a sale she was pushing in New York, explaining that the lack of a walk-in closet was a deal breaker.
This article confirmed that the inclusion of a walk-in closet might not boost the overall value of your property, but it could help you sell faster in an oversaturated market. In this market, you’ll need every competitive edge you can muster to achieve the sale you’re looking for.
It seems that at the very most, a walk-in closet would offer a return measuring the equal value that you paid to have it installed. It wouldn’t necessarily appreciate, but it could bring about a full return on investment, should the wardrobe be ‘advanced’ enough.
At their most luxurious, a walk-in closet would include sumptuous furniture such as chairs, tables, and dressing areas. You’d opt for customized lighting and air conditioning systems, built-in wall sockets, and perhaps even a sound system.
There’s no real limit to the imagination you can pour into a bespoke walk-in closet, and many people will push their creativity to its limits. If you can imagine it, it’s highly likely that a builder or interior designer can realize it.
However, you should expect to notch up a hefty bill as your build becomes more expansive and luxurious. Although walk-in closets start from as little as $750, there’s no real top end, with some creations stretching to as much as $50,000.
Ultimately, a luxurious walk-in closet can boast an inherent sense of wealth, it opens up more storage options, and promotes a cleaner environment. It’s something to consider, even if you don’t want to sell your home anytime soon – it’ll still increase your quality of living.
These Are A Few Of My Favourite Things
These days, there are many sought-after desirables that people are looking for when it comes to purchasing a new home. For example, particularly in hot climates, buyers are always on the lookout for an attractive pool, such as a ‘zero-edge’ pool.
It’s the ultimate aesthetic for an outdoor space with room to spare, and homeowners will happily spend tens of thousands to achieve their vision. Also, if there’s room, a homeowner might think about including an outdoor kitchen, complete with cooking ranges, refrigeration systems, or outdoor seating.
One of the oldest and most luxurious inclusions to a home is a wine cellar, something that has been popular with the super-rich for thousands of years. However, the wine cellars of today are a little different from the ones of yore.
For example, today, a wine cellar can boast refrigeration units, air conditioning and humidification systems, and ample storage for thousands of bottles of wine. You might also have a well-furnished space to actually sit and enjoy your fine wines.
If your home is surrounded by picturesque views, you might want to build an attractive terrace or balcony area. These constructions can offer a gorgeous view across the surrounding environment, and can be equipped with all nature of amenities.
When you’re purchasing and fitting out a multi-million-dollar home, you’ll think nothing of throwing in a wine cellar, pool, or outdoor kitchen. It’s the name of the game, and it’ll only increase your status, along with that Rolls-Royce you’ve got sitting on the driveway.
Who knows? In a few years, with a stable market, you might just be able to sell your property off again and make a hefty profit.