What’s Your Closet Worth?
Closet Real Estate Value
Happy day, reader dear!
Wheeeeee! We’re heading into the home stretch! For those of you not in the US, let me fill you in. May is the crazy roller-coaster ride to the end of the year. No, not the calendar year, but for many, spring and the school year. May means high school and university graduations. We celebrate Mother’s Day. AND… The last Monday in May is a public holiday. (You might call it a bank holiday.) Government offices, banks, and many businesses are closed. This long weekend is the unofficial start of summer. Even for those who don’t finish school until mid-June, the feeling of the end is in the air!
Summer is moving season. Yes, summer is the busiest season for moving house. Most parents don’t want to move your children from their school mid-year. It’s thought to be easier to start in a new place with the new school year. (To be contrary, I think moving in December is great because your children get to meet new friends at school and establish relationships during the second half of the year, which means not such a lonely summer.) It’s really about attitude and how you play up the plusses!
What is Closet Real Estate?
Let’s talk real estate. Why? Because when you live somewhere, you pay for the whole house, closets and all! What is closet real estate? And how can thinking about your home’s value help you clear the clutter, or appreciate what you have more?
You don’t need a big fancy closet to think about closet real estate! Every closet has a dollar (or Euro or Yen) value. I’m not talking about the total cost of the clothes hanging in your closet, although that IS something most people underestimate… By a LOT. I’m talking about how much you paid (or are paying) for the closet itself! (Renters, too!)
How Do You Calculate Your Closet’s Value?
That value is related to your closet’s square footage. Or square meterage. Is that even a term? Let’s run some numbers as an example. Imagine you have a 2000 square foot house that you paid $200,000 for. $200,000/2000 sqft = $100 per square foot for your home. Yes, those closets are part of your home’s square footage. Now measure your closet. If your closet is 6 ft. long by 2 ft. deep, you have a (6 X 2 =) 12 square foot closet. 12 sqft X $100/sqft = $1200. That’s the value of your closet real estate! If you have a walk in closet, say 6 ft by 5 ft? That’s 30 sqft X $100/sqft = $3000. Even better is to use your home’s current market value! (If you know it.)
The Perspective Shift
I often speak with clients about the value of this square footage when they want to get rid of clothes clutter but are struggling with letting go. Often, having them calculate the value of their closet real estate offers a new perspective on the question Does this deserve space in my closet?
Every item you keep should be earning its. Keep, that is! Does that ratty old college tee deserve space in your hundreds or thousands of dollars of real estate? Those cute shoes you can’t wear more than 5 minutes without crying? This question is even more pertinent for those of us with small closets… Like those jewelbox New York apartments, every inch is precious. What belongs there? Only what fits and makes you look and feel fabulous. No, that’s not too much to ask.
What About You?
Have you ever given the value of your closet real estate thought? Did you calculate your closet real estate after reading the example? Does that idea of figuring that out make you uncomfortable? If it does, maybe that’s something you need to explore… Does knowing your closet’s real estate value make you look at what you have in there differently? What deserves space in your closet? Do let me know! I love to hear from you…