Home Remodeling Projects For 2013: Home Appreciation Is Up After A 6 Year Decline
Minneapolis home remodeling projects can enhancements your quality of life at home and gain you the best return for your money when it's time to sell. With an agile housing market, homeowners are asking which are the best cost versus value home remodeling projects for homeowners who are ready to upgrade. The Cost vs. Value Report by Remodeling Magazine is anticipated annually for its great information on which Minneapolis remodeling projects provide the best return-on-investment for Twin Cities homeowners.
Top Minneapolis Home Remodeling Projects For 2013 if You Are Planning To Renovating Your Home
Homeowners can afford to create memorable first impressions with guests by exceptional home improvements that pays off, according to Remodeling magazine's.
New construction cost estimates are generated by HomeTech Information Systems of Bethesda, Md., which takes into account construction commodity data and labor and lumber cost information from a nationwide network of home remodeling contractors.
Hanley's Cost-Value Ratio Climbed To End A 6 Year Decline
For 25 years housing experts and professional home builders have highly anticipated the annual cost vs value report. The 2013 report indicates that the housing market has truly turned around.
According to trends in the Cost Vs Value Report for 2013, "In a positive sign for the remodeling industry, the 2013 national average cost-value ratio rose to 60.6%, ending a six-year decline. The ratio represents nearly a three-point improvement over 2011-12, and is more than a half-point higher than the ratio from two years ago. Lower construction costs are the principal factor in the upturn, especially when measured against stabilizing house values". The annual survey is compiled from input from REALTORS® in 80 cities and used to rank home remodeling projects according to those that bring the greatest cost recovered at resale. Check out the top five home projects that topped the list, and one can readily conclude that investments to upgrade your home really do matter when sellers list their home.
WEST NORTH CENTRAL / MINNEAPOLIS BEST HOME IMPROVEMENTS
Hanley's Remodeling Cost vs Value Report covers 13 home remodeling categories for "Upscale" or luxury homes; all 13 categories showed an increase in change over the same time frame in 2011 - 2012. © 2012 Hanley Wood, LLC. Complete data from the Remodeling 2012–13 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. A luxury kitchen remodel is consistently in the top five. Destiny Home's Top Five Are:
Job cost: (vinyl)
$11,144 - (fiber-cement) $13,025
Value at sale: (vinyl) $7,246 - (fiber-cement) $9,364
Midrange Cost Recouped: (vinyl) 65%
Luxury Home Cost Recouped: (fiber-cement) 71.9%
Garage Door Replacement
Job cost: $1,496 - $2,710
Value at sale: $1.004 - $1,825
Midrange Cost Recouped: 67.1%
Luxury Home Cost Recouped: 67.4%
Major Kitchen Remodel
Job cost: $53,666 - $107,072
Value at sale: $33,673 - $57,469
Midrange Cost Recouped: 62.7%
Luxury Home Cost Recouped: 53.7%
Job cost: $15,731 - $49,968
Value at sale: $8,706 - $25,809
Midrange Cost Recouped: 55.3%
Luxury Home Cost Recouped: 51.7%
Entry Door Replacement (fiberglass)
Job cost: $2,754 - $7,095
Value at sale: $1,756 - $4,702
Midrange Cost Recouped: 55.3%
Luxury Home Cost Recouped: 57.4%
“Lots of remodeling projects start in the spring, but many homeowners start to get serious about a project after the holidays,” said Sal Alfano, editorial director of Hanley Wood’s Residential Remodeling Group.
Homeowner Spending Versus Payback Summary Points
Here is summarized list compiled by Destiny Homes of top request luxury home remodeling projects:
Whether it’s a major overhaul or a simple makeover, putting a fresh face on home is your best investments - if you make studied choices.
The 2013 report is great news for homeowners; with Twin Cities homes selling for a higher prices, the amount a remodeling investment can expect to recoup from a project when selling the home is increasing.
The housing market has turned around, breaking a six year decline, and means that home remodeling makes good sense and can pay off in the long run. Home remodeling projects should start with an examination of the value of the improvements (not to be confused with the cost of the construction), and a realistic look at the financial wisdom of the project. Destiny Homes will help you make informed decisions with realistic expectations.
Other Factors That Impact The Value of Home Remodeling Projects Long-Term
"The manner in which the value of a home remodeling project is perceived includes a variety of factors that traditionally affect home values, including how well repairs and routine home maintenance overall have been done, the value of similar homes in the neighborhood, local supply and demand, and the rate at which property values in the surrounding area are improving", says Sprenger. The bottom line is: home updates make sense because you want them and make smart choices when making them. The best home remodeling projects are those that fit your use and enjoyment of your home. If you want to invest more than you can realisticly anticipate at current home appreciation rates because you love your house and plan to live in it for a long while, that's great.
Home Improvement Projects For Getting Ready To Sell
Luxury home buyers are usually seeking something with charm, quality, and a "home designed look."
Well-planned home improvement choices make your house more livable and enjoyable while you live there. Whether you plan to pass your home on to your children some day or are preparing it to sell, they enhance your home’s resale value. Take care of home repairs and maintenance tasks before taking on remodeling projects with selling in mind. Executing home improvements with the intention of gaining a seller's edge makes investing sense when remodeling projects concentrate on what will win a potential buyer's contract at a price that brings a return.
"Minneapolis homeowners who begin a major home renovation by considering and evaluating current housing market circumstances and their family's future goals will make better informed decisions. For homeowners weighing remodeling project costs in view of their future return value, an objective look at today's current predictions from raw housing data may well prove invaluable later." ~ Butch Sprenger, owner of Destiny Homes
Data sourced from REALTOR magazine; Cost vs Value Survey. For personalized home remodeling services or renovating a Minneapolis home, please contact Butch Sprenger at 952-923-5706 or firstname.lastname@example.org. If you are considering a move in the Minneapolis / St Paul area, first gain professional advice to weigh personal options by calling.
Butch and Liz Sprenger,
owners of Destiny Homes Remodeling And Renovation Services
Service the entire Twin Cites Metro, from our main office in
working as home Remodeler
and owner of Destiny Homes.
We are members of the National Association of Remodelers Institute, National Association of Home Builders, Builders Association of Minnesota, Builders Association Of The Twin Cities, and Marvin Windows And Doors.