Luxury shed market booming

If you’re like most people, you probably don’t associate the words “luxury” and “shed” very closely with each other. That may be about to change, as the new demands of homeowners to maximize the use of their home space is driving a new demand for detached units. These are not pre-fabricated sheds you use for storing shovels and grass seed. People are starting to look to custom built luxury sheds to meet their work and recreational needs from the comfort of their back yard.

According to a story in the Wall Street Journal, Michelle Hart, CEO and founder of a PR firm in Bend, OR, installed a luxury kitHAUS shed in her yard back in June to accommodate to the changes brought about by COVID-19. At 13-feet by 9-feet, the shed gives her plenty of space to work comfortably and peacefully from home. kitHAUS sheds are custom built and can cost as much as $150,000. They have seen a sharp increase in sales since the pandemic began.

In Ms. Hart’s case, this shed is not for storing gardening tools or anything so mundane. It is a full-fledged home office, sleek and modern. The shed itself cost $45,000, with other features such as landscaping and HVAC brought the total cost of the garden office up to $62,000. Ms. Hart ended the lease on her former office in May. While it will take a while for her to break even with the money saved on rent, installing the office has increased the value of her property by $100,000 according to a recent appraisal.

Another example reported by the WSJ is that of Vasu Ganti of Los Gatos, CA. He worked with Studio Shed to produce a larger, more elaborate affair. His family’s shed is 16-feet by 34-feet and contains a sauna, a home-media center, and a wine cellar with 1,000 bottles. He had it installed to declutter the main home on his property that had become rather busy during the pandemic with everyone working and learning from home. The shed cost $48,000 with additional features coming in at around $50,000.

Such luxury sheds give homeowners an alternative to renovation that is often simpler, cheaper, and involves less hassle with zoning. Not that they are necessarily cheap. Studio Shed and kitHAUS have both worked on sheds costing hundreds of thousands of dollars a piece.

The luxury shed market, whether it is here to stay or not, is another surprise development in 2020’s surprising real estate market. It is a flexible way of increasing the amount of livable space you have and may also be a good way of improving the value on your property as people continue to seek out ways of maximizing the use of their home space.

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