When you think about luxurious home upgrades that you’re never really going to invest in, what comes to mind? If you’re like most homeowners, you probably think of things like a built-in movie theater, a full-size swimming pool, or maybe even a tennis court in the back yard. There’s no harm in dreaming, and it’s fun to think about the kind of home renovation projects we see in magazines, knowing that we’ll probably never do that kind of thing ourselves.
But there might be one luxurious renovation that actually is feasible — and serves a very practical purpose to boot. We’re talking, of course, about the walk-in closet.
When you see a picture of a walk-in closet, you probably think about the rich and famous, and what a pleasure it must be for them to get dressed every day in a spacious room designed and organized just for that purpose. But this renovation doesn’t have to be reserved for high spenders. In fact, depending on what kind of space you have available, it can be one of the most affordable “luxury” renovations out there.
But before they even consider the personal benefits, and before they put a single dollar into a specific renovation project, people want to know what kind of value will come back to them. Will a walk-in closet increase the value of the home, for financing and/or resale purposes?
The answer is: Probably not.
There are a few exceptions to this general rule. For instance, if the average home in your neighborhood does have walk-in closets, installing them might put your home value on par with other homes in the neighborhood. Or if you have an unusually large master bedroom and don’t mind changing the configuration, adding a walk-in closet can be a relatively painless and valuable proposition.
Generally speaking though, walk-in closets aren’t going to send your home’s market value through the roof. What they are going to do, when finished to a high professional standard, is give you a luxurious amenity right in your own home. Having a walk-in closet makes it so much more pleasurable and practical to store your garments and shoes. You can do amazing things with lighting and mirrors inside the closet as well, so that you really enjoying the time you spend in there.
So how much can you expect to spend on this luxury renovation?
It all depends on what kind of space you have available — but assuming no additions or major renovations are required to make space for the closet, most homeowners shell out anywhere from $1500-3000 for a professionally finished walk-in closet.
A lot also depends on what kind of contractor you hire. If it’s a licensed and experienced home renovator, with a good reputation in the community, you can expect greater value and a longer-lasting installation. You’ll want to ask specifically about walk-in closets and what kind past projects the company has done. If they can’t provide you with clear documentation and photos of finished walk-in closets from their past clients, you might have better luck with a different contractor.