According to research from the Bean Group, Shrewsbury housing prices are beginning to rise. Research shows that house prices increased by 17.6% over the past two months. However, the increase may not be sustainable, so homeowners should consider improvements to increase housing values on their own. There are a number of additions that can drive housing prices.
Homeowners Shouldn’t Count on Market Forces to Drive Prices
There are a number of encouraging signs that the Shrewsbury housing market is starting to rebound. However, homeowners should be prepared for the possibility that the recovery will stagnate in the near future. A 2013 report from The Shrewsbury Lantern cited considerable evidence that the housing market was starting to grow rapidly, but the market eventually fizzled.
The recent housing recovery could be more sustainable this time around. However, homeowners should prepare for the possibility that it another crash may be inevitable. They will need to take action themselves to ensure their property values continue to grow.
Best Additions to Increase Home Value
If you are trying to increase the value of your home, then adding new additions can be one of the most effective things that you can do. Here are some of the best steps that you can take.
Wood deck addition
If you feel that you can use your wood deck, then it will nearly pay for itself after you sell your home in the future. According to a 2010 study from Consumer Affairs, every dollar spent building an addition to their wood desk will increase the value of the overall property by 81 cents.
Creating a Bedroom in Your Basement
Creating a basement bedroom can also significantly increase the value of your property. Most studies have shown that the value of a home increases by about 76 cents for every dollar spent on the project. If you are creating a new addition in your home, it is advisable to hire a certified architect, and in many states, such as Massachusetts, hire a title 5 inspector.
Create a New Bathroom
Data from the National Association of Home Builders (NAHB) shows that creating a new bathroom can also significantly increase the value of your property. Creating a bathroom with a half bath can raise the property value by nearly 11%, while a full bath can increase it nearly twice as much. However, the exact impact will depend on the size of the house, the ratio of bedrooms to bathrooms and other factors.
Create a New Kitchen
It’s widely known kitchens are a great way to bring excitement to a home. While formal dining rooms have become a thing of the past in most middle-upper income homes, more pressure is put on the kitchen for dining entertainment. COnsider an island eating area with enough room for people to move around. Plan for enough seats for your immediate family plus a couple extras!
Photo Courtesy of Scott Hall Remodeling, Ohio Kitchen Remodeling Company
Create New Storage Additions
Many Shrewsbury residents live in older Victorian homes. They complain that they don’t have enough storage space, which can make it difficult to sell their homes down the road. If your house is lacking in storage space, then you can increase the value considerably by creating new additions.
Back Yard Sanctuary
Backyard sanctuaries provide aesthetic as well as an intense emotional value. Create a small area where residents can sit, enjoy natural surroundings in a semi private environment. Check out this backyard sanctuary by Tea Lane Nursery, one of Martha’s Vineyards Landscaping Companies.