If your closet space is in short supply, it might be time for a good old fashioned spring cleaning. Rather than tossing everything into a donation bin and calling it a day, Corri McFadden, founder of the local luxury consignment site eDrop-Off, says women should start thinking about their clothing as investments. "Look at it as a savings account living in your closet," she says.

Sell It

There are certain accessories and apparel that have reliably strong resale value. Here are McFadden's top five picks:

  1. Chanel bags
    Chanel bags are collector pieces, with no shortage of fans. It's one of the few designer items with a value that will actually increase over time, McFadden says. "Chanel marks their pieces up season after season," she says. "So you might have bought a classic flap bag in 2005 and you paid, let's say $1,500 for it. And suddenly, that classic flap bag is now retailing for $3,350. It's only natural the value has increased over time."
  2. Classic timepieces
    Let's face it – no one wears a watch to tell time anymore. A timepiece makes a statement, and like most things in fashion, they go in and out of style. If you have a drawer full of  designer watches you haven't touched in years, McFadden suggests upgrading. Sell the piece you never wear to buy a new watch you will. Particularly if it's gold. "Gold is at a high, it resells really well," McFadden says. The same goes for diamonds and other fine gemstones.
  3. Hermes Signature H Bracelets
    "Everyone loves the H bracelets," McFadden says. "We see people getting addicted to them because they're fun to stack together. They resell well and so close to retail," she says. And don't worry about scuffs or scratches. "A jeweler can polish those things out and make them new," McFadden says.
  4. Coveted shoe brands
    Louboutin, Isabel Marant, Prada, Valentino – if you've got a pair you're not wearing, McFadden says these designers are in high demand. Limited collection and fashion-forward shoes are especially hot, she shares. Take the Isabel Marant wedge sneakers, the Prada flame shoes or the Valentino rockstud collection. You may have given in to purchasing a pair, only to find you wore them one time. Release the guilt, McFadden says. "To have an outlet where you can flip those and might get a nice return on them is something to keep in mind when you're making that purchase," she says.
  5. Gowns from well-known designers
    "A gown is something you usually only wear once," McFadden says. "It's a hard pill to swallow." Fortunately, designer gowns often hold great resale value, McFadden says. Especially if that designer is Oscar de la Renta, one of e-Drop-Off's best sellers. "Let's say you pay $1,100 for an Oscar gown to wear to an event," McFadden says. "You're going to get back pretty much what you paid for it. Think of it as renting it for the night, or for the season."

Keep It

Feeling inspired to wipe out your closet? Hold on. McFadden says these are the items she wouldn't part with:

  1. Perfect-fitting leather pants
    "Leather is very in," McFadden says. And a perfect pair will only get better in time as you work them in.
  2. A classic pair of sunglasses
    "You'll always have that pair of aviators," McFadden says. "That classic style never goes away."
  3. Boyfriend jeans
    The perfect pair worn-in-just-right jeans are like gold. "So when you find them, keep them," McFadden says