Hamilton’s median house price reached a record high of $562,000 last April, according to Real Estate Institute of NZ Statistics. Meanwhile according to some Trade Me property data, the average asking prices have hit a record $645,900 in May. This trend is expected to continue for some time.
Demand for homes is quickly outstripping supply. The disparity is so huge that, according to a Stuff NZ report in June, Hamilton will need around 900 new property listings for the market to balance itself out.
Nevertheless, confidence at both ends of the market is rising, leading to increased competition among buyers. Homes above $1 million are currently selling strong, representing 3.3 percent of total city house sales during the first quarter of the year. On the other hand, high-end lifestyle properties located along the edges of Hamilton are even selling around the $2 million mark.
The median government value of homes sold in the city in April alone was $415,000 with a relatively quick median selling rate of 36 days.
In other words, the market is in favour of the seller. So if you have plans of putting your property on the market, now’s the best time!
To take full advantage of the market right now, you may want to consider some do-ups to increase your property value and guarantee a quick sale. These are the home improvements known to bring the best return:
Nothing spruces up a home’s look and vibe easier than freshly painted walls. Go with the interior colour trends of today to give your home a modern look. Or stick with neutrals to appeal to the general taste. It might be wiser to go with the latter option since many buyers will want to change the colour by their taste. So toning down the walls would allow them to see the full potential of each room.
A kitchen rebuild is by far the most popular choice for renovations in Hamilton, since the kitchen is a focal point for entertaining and bonding for many families. When they’re looking to buy a house, many potential buyers will try to imagine themselves in it. Most of them will walk through the space, open kitchen cabinets or peek inside the fridge just to get a feel of using that room.
You can pique their interest just by adding some interesting hardware to your kitchen cabinets or repainting them. If your current cooking space isn’t very efficient, now’s a good time to change things up – maybe add a kitchen island or a new stone countertop.
A basic kitchen remodel will cost you around $10,000 to $30,000, but it will increase your property value around twice that.
No matter how big or small, bathroom renovations definitely pay off. It’s certainly one of those rooms that matter to the buyers, as many would mind the condition the previous homeowners leave this space in.
Depending on your budget, you can go for a simple project like laying contemporary tiles or changing old tapware, or you can go big with a complete makeover. Modern and contemporary bathrooms tend to draw a greater crowd of potential buyers. Of course, be sure to rid this space of grime, mould and scum – a clean bathroom always makes a good first impression.
People are more conscious nowadays about their home’s energy efficiency. With the increasing electricity prices, a properly insulated home would actually make sense to a lot of potential buyers. Insulation minimises heat loss, so you’ll have less need for heaters or a heat pump when the temperature drops. And your air conditioner won’t have to work as hard to maintain a cool temperature during hot summer days. This means lower power bills to the homeowners. Not only that, proper insulation makes a home both livable and comfortable as well.
Kerb appeal, i.e. how your house looks from the street, can actually make or break your ROI. There are a lot of simple things you can do to enhance the exterior of your property like fixing a broken fence, repainting the gates, changing the garage doors or cleaning the windows.
Landscaping also works magic. You don’t need to go as far as installing a water fountain or building a pond. Just make sure the lawn is mown, the bushes are trimmed and you have a few blooms to make everything colourful.
If you have a huge lawn, you may want to consider adding a deck. A deck will not only increase kerb appeal but will also expand your home’s usable space. So although it will cost you a little more, it’s an investment worth doing. Just be sure it doesn’t go over the 1.5m height limit; otherwise, you’ll need to apply for a building consent and pay dues to get it done.
Renovating will cost you money, but think of it as an investment you must make in order to make a bigger profit in the end.
Just keep in mind that not all projects will pay off well, so choose carefully. Your goal for renovating should be to boost the look of your property and highlight its best features, in order to get it off the market as quickly and favourably as possible. You don’t need to buy new furniture or make unnecessary additions. Focus on the areas that count, such as the ones mentioned above.
Most importantly, whichever project you go for, make sure to do it properly. A sloppy attempt at renovation will hurt more than it will help. So this is a good time to get the best Hamilton builders and renovators you can find. This is very important. Even with the market as it is right now, home buyers are smart and well informed. They can tell whether or not they are getting their money’s worth. You don’t want to give the impression that you made a hasty DIY kitchen or bathroom touch-up in order to raise your asking price.
Finding the best renovation company in Hamilton
Firstly, understand the type of work involved and the amount of money you are willing to spend. You want your renovation team to have the expertise and depth of experience to pull off the project seamlessly.
Secondly, do your research. Look up the best Hamilton builders online and read reviews about them. You will most definitely come across Renovations NZ, simply because we are the best at what we do. You can check our portfolio and customer testimonials to know the quality of our work. Seeing is believing, after all.
Renovating is certainly not a piece of cake. It requires careful planning and estimation to ensure you actually increase your property value within a realistic budget. To ensure this, you will need a team of professionals who can guide you from the concept and design stage through to completion of the project. You’d also want a renovation company that will take the job seriously no matter the size. You also want your builders to be dependable and transparent, someone who will return your calls and will get you involved along the way. Well, that’s us.
If you have a renovation project in mind, you may call us on 0508 2 RENOVATE or 0508 2 73668. We’d be happy to discuss your plans and make it happen.