Award-winning kitchen remodeling projects in the Twin Cities point to a full recovery, as indicated by news in the Midwest Home Magazine and Metrostudy's Q3 2014 Residential Remodeling Index. Home Destination takes a look at the news and how it compares to daily experiences as a Twin Cities real estate agent with RE/MAX Results.
November 19, 2014 (Newswire.com) - Kitchen remodeling and design trends are revealed in the latest award-winning kitchen remodeling projects in the Twin Cites, as announced by Midwest Home Magazine. Combined with Metrostudy's Q3 2014 Residential Remodeling Index (RRI) posting ten consecutive quarters with positive year-over-year gains, predictions are for a full recovery in the remodeling industry. Kitchen remodels continue to take the lead, both in multi-generation homes who demand larger kitchen spaces and by retiring seniors who use a kitchen differently.
"We see kitchen remodeling projects help increase a home's resale value and home sellers likelihood of winning attractive offers," says Jenna Thuening, owner of Home Destination. "The kitchen is a home's center and is key to maximize first impressions and attracting multiple bids. Being rated tops for recouping costs, kitchen remodeling projects are priority for many Twin Cities homeowners."
The pace of home remodeling is boosted by growing families and retiring seniors who have the deeper pockets necessary to renovate a home. "Despite the moderation seen in current 2014 growth, our forecast for the remodeling market to reach full recovery in third quarter 2015 has not changed, mainly due to continually positive job and economic reports that point to a firming in housing fundamentals over the near term," says Metrostudy.
Minor kitchen remodeling projects help sell homes while running an average national cost of $18,856 with a return on investment of 82.7%. Kitchen remodeling projects for homes in the Twin Cities ROI - Cost vs Value 2014 Report places the cost of a minor kitchen remodel at $18,865 with a recoup of 65%. A major kitchen remodel in the Twin Cities is more likely to cost $54,907, with a resale of $33,805 at a cost recouped of 62%. At an average price tag of $15,000 per job, it remains one of the most sought after home improvements by prospective Minneapolis home buyers.
Award-winning kitchen remodeling projects from members of the Minnesota chapter of the NKBA are announced in the November issue of Midwest Home Magazine.
Types of kitchen remodeling projects happening in the Twin Cities as gleaned from the recent Minneapolis Remodelers Expo and winners in Midwest Home Magazine:
- Eliminating walls between family rooms and kitchens by substituting a half wall or bar area to create a light-filled bright kitchen.
Kitchen remodels lead the home remodeling industry in the Twin Cities and look right on track for a full recovery. "With select building materials out there like custom-cut granite countertops, custom hardwood cabinetry, and natural stone tile flooring, final price tags of $50,000 or more don't even raise eyebrows anymore in elite neighborhoods like Manchester-Groveland and Summit Hill", states Home Advisor.
A newly remodeled kitchen not only facilitates meal prep and cooking, it is often a space used for entertaining guests and daily family communications around simple meals. "Homebuyers do best when appraised of recent kitchen trends in the Twin Cities, and yet house hunters should prioritize the major, unchangeable features of a kitchen that would cost a considerable amount to change," advises Thuening. "Kitchen fixtures and paint colors can be readily updated, but a kitchen that is too small for a every day use may not be a positive after closing and moving in."
About Home Destination - Twin Cities Real Estate:
Home Destination offers a loyal and committed real estate professional service that personally handles all of the details of selling or purchasing homes in Eden Prairie, Minnesota. Highly regarded by peers as a Minneapolis metro expert for over 15 years, gain a skilled representative as guide to make the best possible housing decisions. Helping all home buyer types, from individuals seeking to buy their first home to individuals moving-up to a luxury home, Jenna Thuening has the real estate experience and acumen buyers and sellers benefit from.