If you’re looking to add value to your home while also adding luxury, there is one home feature that can get you quite an extraordinary return on your investment. This feature is a walk-in wardrobe, and, according to brand-new research, it can add in excess of £100,000 to the value of your home.
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The research comes from the wardrobe specialists at Spaceslide who analysed 2,515 properties for sale on Zoopla across 18 major UK cities. The study compared the prices of properties featuring ‘walk in wardrobe’ and ‘built in wardrobe’ against average property prices. The results are impressive: while the average property on Zoopla costs £233,889, a property that features walk-in wardrobes commands on average £337,687 – a whole £103,798 more. And although walk-in wardrobes aren’t cheap, costing around £1,500 to install, they are a potentially hugely profitable investment.
Of course, walk-in wardrobes on their own are unlikely to raise the price of a home that otherwise needs redecorating or lacks kerb appeal. Rather, the walk-in wardrobe is a marker of a high standard of interior decor throughout and is likely to have other covetable features that will all add up a higher price.
As Andy Briggs, Head of Graphics and Interior Design at Spaceslide, explains, ‘Whether you’re looking to put your house on the market in the next few years, or preparing to sell now, there are a range of factors that contribute to the overall value of a property.’
A major appeal point of walk-in wardrobes is that they eliminate the need for the buyer to look for bedroom storage once they’ve moved in, and simplifies the move. Andy says: ‘A dream home for prospective buyers offers features that they won’t have to pay to change once they move in, which is why unique storage solutions, such as a modern walk-in or built-in wardrobe, may bolster your home’s value.’
This is especially true in London where buyers are prepared to pay a whopping £227,139 extra for a home that features this convenient and glamorous feature. However, it is once again important to understand your market. London homes that fetch the extra value from a walk-in wardrobe already cost over £1 million, so most likely offer other luxury features and finishes throughout. Built-in wardrobes have a similar appeal to London buyers who will pay £182,091 more – but only on already expensive homes that average £963,879.
If you have a smaller home, be careful before you go for these luxury features, Andy says: ‘While our research shows the potential value that having a walk-in wardrobe can add to your property, it’s important to weigh up your options. For example, sacrificing a bedroom may not be the wisest choice if space in your home is already limited. Think about what buyers in your area are looking for before you invest in a lavish feature.’