Orange has garnered immense popularity for affordable housing, educational infrastructure and community connectedness. The median growth in the past year has been over 25 per cent in houses and 20.86 per cent in units.
If you are considering venturing into the property market and looking for a house for sale in Orange, nsw, you must be well prepared. As you start your search, several questions must be hovering in your mind, and it might be difficult for you to find answers.
Following is some vital information you can look at to make the home purchase process much smoother.
1. Decide your wants and needs
The two things that you need to figure out while looking for houses are:
- The suburb that meets your needs
- The type of apartment or house you want
Before browsing through hundreds of properties, take a step back and develop a checklist to determine your wants and needs.
It could be challenging to decide on the suburb when buying a house. So, you can drive around the areas you like. You could also eat in neighbourhood restaurants and cafes, talk to the locals and find out the best things about the suburb.
The type of house you want depends on whether you are planning a family, downsizing, changing cities or jobs, or other factors affecting your lifestyle.
2. Decide your budget
You must have your finances in place before you start looking for a house for sale in orange nsw. The median sale price of houses in Orange is $678k marking an annual increase of 13.8 per cent.
So, before shopping for a property, you should confirm finance pre-approval or speak with your bank. Also, don’t just focus on the interest rates; look at other loan features like the total borrowing amount and flexibility.
Since the mortgage market is highly competitive, you can take assistance from brokers to choose the best option. Getting a pre-approval will help you determine your borrowing capacity and put you in a good position to buy your home.
3. Do research thoroughly
You need to do a good amount of research while looking for a significant purchase, like a home. To begin your search, you can set up alerts for new property listings on property web portals. But nothing can beat a physical inspection. When you go and see a house in person, you learn what it has to offer.
Setting time aside to research and inspect properties each week is also a good idea. You can get a natural feel of the residential market by looking at about 50-100 houses for sale. As you inspect the properties, you should note the likes and dislikes, so you don’t forget what you saw a few weeks back.
4. Shortlist your choices
You need to be realistic about your expectations as you shortlist your choices. You need to review your notes and develop a list of three properties you liked. Consider the features below to make your decision.
- Asking price
- Proximity to transport links, schools and shops
- Street appeal
- Age and condition
- Light and aspect
- Construction type
- Floor plan
- Bathroom and kitchen styles
- Renovation potential
- Living spaces
- Room sizes
- Block size
- Potential growth of the suburb
The property market is not static, as the changes in supply and demand determine the amount buyers are willing to pay. Also, other factors like economic growth, movements in interest rates, seasonal factors and consumer sentiment determine house prices. So, make sure you appraise the value of the homes before buying. You can look at the home sales in the suburb, compare properties or ask local agents for recent sale results to make an informed choice.