Closets are certainly not wasted space. If anything everyone needs more storage space in their closets. There are designers out there that just design closets. When designing your closet keep in mind its not just about the aesthetics of the room but the function. Make sure you have everything for your storage needs. A perfect Master Closet for me would be having a personal washer and dryer included in the room. That way your clothes never leave the room and you just have private space to yourself. I always disliked sharing the laundry room with other people. You put your clothes in the dryer and someone else comes to take them out, throwing them onto the cat litter covered floor (trust me this has happened). Have a family laundry room that your kids and guests can use and keep a smaller one in your Master Closet. This way your clothes stay in the same room and you are the only one touching them in the washing and drying process. What does your dream closet consist of?