Tag Archives: Buying in Mudgee

How to tick off your 2017 property goals

A lot of people will be planning on eating healthier and starting a new fitness regime this month but there will also be a lot of people looking at changing their property situation.

The problem with a lot of goals is that it’s hard to make those first few steps and kick them into action, so we have a bit of advice to get some common property goals off the ground.

Property goal #1: find a new home

Outgrowing your current home or just looking for a change? With interest rates at record lows, it’s a great time to buy and there are plenty of fantastic property opportunities in Mudgee to suit a variety of buyers and budgets.

If you had no luck finding a property in 2016, your problem could be that you’re looking at properties that are out of your price range. Try to expand your search this year and look at properties in new suburbs or properties that might not have all the features you originally wanted. The home you buy now doesn’t need to be the home you have forever, you can always renovate or move when you have saved more later on.

For those who live in Sydney and are getting frustrated by escalating property prices, now could be the time to look at your lifestyle and ask if a tree-change to Mudgee is the right move for you. 

Property goal #2: renovate

If you’re not thinking about moving you might be looking at improving the home you’ve already got. Renovations are a personal decision based on what you want to get out of your home, but if you’re looking to sell soon then it’s worth considering the renovations that will add the most value.

In general, the renovations that help add value include new kitchens and bathrooms, extensions and painting. Every property is unique though and different renovations will be needed to help it reach its full potential.

To help you get your renovations off the ground, talk to local builders, draftsmen, agents or an architect to help you decide what is right for your home.

Property goal #3: sell up and move on

Looking to move on to a new place or lifestyle? Making the decision to sell is never easy and there is always a lot to think about – such as where you will move to next and what you need to do to get the property ready for sale.

To help you make an informed decision about selling it’s worth having a chat to a Professionals Mudgee Real Estate Agent to find out what your home is worth and what you can do to help maximise its sale price. A chat with an agent might also help you understand what it happening in the local market and what else is available to buy when you do decide to move on.

Best of luck in all of your property goals for 2017, and remember if you need any help, don’t hesitate to get in touch with one of the team at Professional Mudgee Real Estate.

What you need to know before you buy a home

Thinking about jumping onto the property ladder but don’t know where to begin?

Buying a home, particularly for the first time, can be a daunting experience and those first few steps you need to take are often the hardest.

Start your property journey on the right foot by doing as much research as you can and having the knowledge behind you to make informed choices.

Find out what you can afford

It’s a good idea to talk to a bank or a lender to discuss your home loan options once you have a little bit of money in the bank and think you are in a good position to buy.

Some lenders may allow you to borrow more than others, but keep in mind that you should allow yourself a financial buffer so you don’t find yourself in financial stress later on.

Always do your own calculations and talk to a few people to get a solid idea of your borrowing capacity.

It’s also worth getting pre-approval ready so that you’re confident and know what you can afford when you start making offers.

Learn about the buying process

It can pay to gain a solid understanding of the buying process and learning about the practicalities of buying via private treaty or by auction (although auctions are less common in Mudgee).

It’s not too hard to figure out the buying process along the way, but you could save yourself a lot of stress and heartache by being aware of what is means to sign a contract and what the obligations are of all parties involved.

The Professionals Mudgee team will always be on hand to answer any questions you might have, but it’s always a good idea to talk to family and friends too and get them to share their buying experiences and anything they wish they had of done differently.

It’s also a good idea to have a solicitor or conveyancer ready to go so you can call up for any advice, or have them look over contracts for you.

Research the property itself 

There’s no questioning that buying a home is a major life decision, and it’s always worth doing your due diligence on a property to ensure you’re not going to have any regrets in the future.

Get a professional building and pest inspection carried out to find out the quality of a property you intend to buy, and if you plan on buying an apartment, a strata report is very worthwhile too.

Research the neighbourhood the property is located in too and find out if the area is suitable for your lifestyle and if there is adequate transport or amenities available to meet your needs.

If you’re armed with information and are confident and ready to buy, you’ll be better equipped to move quickly on the right property when it comes along.

Want more tips to help you confidently purchase your next home? Contact Professionals Mudgee today.

Where can you have your smashed avocado and buy a house too

By now most people have probably heard about Australia’s “avocadogate”.

In case you missed it, a couple of weeks ago high-profile demographer Bernard Salt wrote in his column for The Weekend Australian Magazine that young homebuyers would have a better chance of securing a home if they gave up ordering “smashed avocado with crumbled feta on five-grain toasted bread at $22 a pop and more”.

Bernard’s comments have been met with a lot of criticism, with the accumulated cost to buy smashed avocado for breakfast every now and again probably not going to be a major contribution in affording a property in one of Australia’s major cities – namely Sydney or Melbourne.

If you bought an expensive breakfast at $22 every weekend, which adds up to $1,144 a year – it’s not going to put much of a dent in saving for a home loan deposit in Sydney where the median property price is over $1 million.

The struggle to buy in a competitive market like Sydney isn’t going to go away any time soon, no matter how many smashed avo breakfasts people go without.

Young buyers are turning to other options to get into the property market, and one of them is to move away from places like Sydney to find a lifestyle that is more affordable.

One place that is popular with young people looking for a better option than the hustle and bustle and ridiculous prices of Sydney is right here in Mudgee.

We’re seeing an increasing number of young buyers looking to buy in Mudgee and take advantage of cheaper home prices and a more peaceful way of life.

And why wouldn’t they? In Mudgee the current median house price is just $376,00 according to RP Data, and there are many fantastic properties that can be found under this price too. You would struggle to find even a unit for the same price in a popular area in Sydney.

Having the NBN service available and frequent flights to and from Sydney makes the move from Sydney to Mudgee much more appealing to young buyers than what it was in the past. Some are even able to keep their jobs in the city thanks to more jobs now offering remote working arrangements.

Plus, we have lots of fantastic cafes and restaurants around where you can still order a delicious smashed avocado dish, but it will probably cost you less than $22.

If you live in Sydney currently and would like help with finding a property in Mudgee, contact the team at Professionals Mudgee Real Estate.

What to do when you’re outgrowing your home

It’s an all too common problem faced by families around the country and here in Mudgee – not having enough space!

As kids starting growing up it can feel like there’s just not enough bathrooms or living areas for everyone to get along peacefully, and normally this leaves homeowners with the conundrum of whether to move somewhere bigger or extend their current home.

The benefits of moving

In a lot of ways moving can seem like the easier option. Why go through months of planning, builders and chaos when you can simply find somewhere where all the hard work has been done for you?

A lot of upsizers like the idea of a fresh new space, where they can choose a bigger sized block and any new property features they require. Those who are upsizing also have the advantage in that they know what doesn’t work in their current home, so it’s easier to hone in on particular properties they like. They might also have lived in their area for a while and gotten to know very specific streets or localities they want to live in.

However, those who are thinking about moving because they want the extra space will need to keep budget in mind.

It’s no secret that bigger and more modern homes tend to cost more than smaller ones, plus there are the added costs involved with moving. So if budget is a major deciding factor then do the maths and figure out if moving is going to be cheaper, or if you’re better off just adding a small extension to your current home.

When improving could be a better option

If you’re happy where you are and don’t need much extra space then sometimes improving is the smarter choice.

Just make sure that you can do the building work that you want to before committing to any decision. Heritage listings, easements or block sizes can prevent any drastic changes or property extensions, so do your homework first.

If there are any building controls that prevent you from extending your property then your choice may have been made for you.

You also need to consider whether renovating is practical. It can take a long time to renovate and sometimes you might need to find short-term accommodation in the process. So consider whether you’re family can handle the stress and live in a home when rooms are out of action for a little while.

What should you do?

Overall the decision to move or improve is one that you will need to carefully consider. Both options have their pros and cons and it really comes down to the factors that are most important to you.

To help you make up your mind it’s worth talking to local builders about your options, and you can also get in touch with Professionals Mudgee Real Estate to see if there are any homes for sale that suit your needs.

7 things to research before you buy

Before buying a property it’s well worth finding out as much as you can about the property and the neighbourhood you plan on living in.

While you might already have a wish list of things that you want your property to have, make sure you also do your due diligence on the below as well:

1. The local neighbourhood – If there’s something you don’t like about the house you buy then you can change it, but you can’t change where it’s located. If you haven’t lived in the neighbourhood you plan on buying in, take your time finding out more about it. Find out things like where the best schools are and where you would do your local shopping.

Spend a bit of time in the area to get a good feel for it, and if you want to find out more then the website www.microburbs.com.au can provide a good overview of what can be found in the local area, as well as providing population statistics.

2. Your finances – Get to know your finances before starting your house hunt. Some buyers get into trouble when they make offers that they ultimately can’t afford, which causes a multitude of problems for everyone. Save yourself the heartache and go and talk to a lender before committing to a property.

3. Building quality – Buyers should always make the effort to get a professional building report and pest inspection done before purchasing a home. Building and pest inspectors can find issues that might not be visible to the naked eye, and alert you to anything that you might need to keep an eye on after buying.

4. Building restrictions – Building restrictions set out by the council might prevent you from doing the building work you had in mind. Get information from the Mid-Western Regional Council about any building restrictions that might apply to your property.

5. Sales and rental history – Find out what properties are selling and renting for in the area so you can get an idea of the local market.

The sales and rental information for most properties can be found on websites such as domain.com.au and onthehouse.com.au. The information provided on websites like these can provide an interesting insight into an individual property’s history, and it might even provide past listing photos that allow you to compare changes to the property over time.

6. Future developments – To avoid any surprises after moving it’s a good idea to research local planning approvals and find out if any new developments are about to begin nearby.

7. The contract – Make the effort to understand everything in your buying contract before signing. Check for things like inclusions and exclusions and have your solicitor or conveyancer review the contract for you.

If you’re thinking about buying Mudgee and would like any more advice or information then don’t hesitate to get in touch with the Professionals Mudgee Real Estate team.

The typical timeline to buying a home

For homebuyers, the process of buying a home can seem to go on forever.

There’s finance to think about, and then the home searching itself… not to mention the negotiation process. It can take months or even years from the moment you decide you want to buy to the moment you get the keys to your new home. 

Stage 1: Working out finances 

To help avoid any hiccups on the path to your future home, it’s a good idea to get your finances organised as early as possible.

Figure out what you can afford to borrow and talk to a lender about getting pre-approval.

The good news if that some lenders can offer almost instant pre-approval, making this part of the process rather quick and pain-free. However, be aware that you won’t be granted formal approval from a lender until all factors are known and a valuation has been done on the property you intend to buy.

Stage 2: The house hunt

Once you have done your sums you can start looking for properties that suit your needs and budget requirements.

This part of the home buying journey can be the most frustrating. Buying a home isn’t the same as picking out something you like at the shops. Every property has pros and cons and you might have to compromise a little to find the right balance of everything you want.

Some people are lucky and buy the first property they visit, but others might spend many weekends looking at open homes until the find the perfect place.

It doesn’t end once you decide on a place either. Some buyers might make a number of offers, or bids at auctions, before they finally end up purchasing a home.

Stage 3: Waiting for settlement

After all that time spent talking to lenders and going to open homes, real estate offices and auctions, you’ll probably be ecstatic when you eventually purchase a home.

Hopefully it will be a smooth ride from here on in, but settlement times can vary from an average of 30 days or considerably longer depending on the conditions set out in the contract.

At this point it is important to have a good conveyancer or solicitor on your side who can help guide you through the settlement process and ensure you’re in your new home as quickly as possible.

Patience is key

Buying a new home won’t happen overnight and it could be some time before you decide on a home that meets all of your requirements.

Some people take a couple of months to buy a home and some people take years. Everybody is different, but if you’re getting frustrated with the whole process then try to be patient – it will all be worth it in the end!

Good luck on your home buying journey and if you would like any help then don’t hesitate to get in touch with the team at Professionals Mudgee Real Estate.

Do you want to live in Mudgee’s newest suburb?

Member for Dubbo Troy Grant and Mayor Des Kennedy officially opened Mudgee’s very first master-planned community, Caerleon, at a ribbon cutting ceremony last week.

Fifty-six lots were released as part of the first stage of the development, which is planned to eventually include a cafe and retail precinct, over 55s living development, childcare centre, and extensive open spaces and playgrounds.

The development has been extremely popular so far, with half of the first stage already sold. Further lots will be released in later stages of the development.

The first Caerleon residents are expected to move into their homes in time for Christmas.

A little bit more about Caerleon:

  • It’s just three minutes from the bustling centre of Mudgee.
  • Designs are available from renowned builders Bellriver Homes and Rawson Homes, or you can select a block of land, nominate your own builder and create your perfect home.
  • Excellent nearby amenities such as child care, schools, restaurants and cafes, museums, galleries and sports fields.
  • Cultural activities include a live music scene, wineries, cellar doors and farmers’ markets.
  • High growth location and Mudgee’s first NBN serviced estate.
  • Stage 1 lots are available now: 700-1,082sqm, starting at $153,000.
  • Purchase a Stage 1 vacant lot before 31 May 2016 to be eligible for a $5,000 rebate (terms & conditions apply, see caerleon.com.au for details).

If you would like to find out more about this exciting new development, including Caerleon’s master plan, lot plans and available packages, please visit caerleon.com.au or contact Professionals Mudgee Real Estate on 02 6372 2584.

Tips to help you figure out what a home is worth

One of the most common questions among buyers is – “How much is that house worth?”

While it is possible to predict a price range that a property is likely to fall within, it’s hard to determine it’s exact selling price. This is because no two properties are exactly alike and so they can’t be valued in the same way you would value something you pick up at the grocery store.

Even when there are two homes side by side that have the same specifications, they can end up with vastly different selling prices. This could be because of a small differing attribute that one property has over the other, or it could simply be because there was a higher bidder around for one of the properties.

However, if you want to ensure you offer a fair market value on a property there are ways of figuring out a price range it’s likely to fall within.

Find out what similar properties have sold for

The most accurate way to determine the price range of a property is to look at past sales data. There are a variety of websites that can offer this information, including realstate.com.au, domain.com.au and onthehouse.com.au, just to name a few. Compare the property in question with other similar sold properties in the area, i.e. properties that have the same number of bedrooms and the same land size. Keep in mind that there will be other variables that will also affect the price such as quality of the property, views and heritage etc.

The time when a property was sold will also be a major factor. If it has been years since the last similar property was sold in the area, then there is a good chance that property values have gone up in that time.

Look out for things that make the property particularly unique

The more rare a property is, the more it’s likely to be worth. So, for example, if there are only a few homes with a spectacular view of a popular landmark then they’re going to be worth a lot more because they’re hard to come by.

Heritage properties can also attract higher values because they hold a unique history that is hard to put a price on.

Overall, the more unique, desirable and hard to come by a property, the more it’s likely to be worth.

There is no “right” price

As we have demonstrated, there are plenty of factors that influence property values and there is no “right” price for a property.

Every property is worth something different to different people and the only way to truly determine the final price is through negotiations between the buyer and seller.

However we can help provide you with an estimate based on our local market knowledge and experience. So if you would like to discuss property values in the Mudgee area, or would like a property appraisal then please don’t hesitate to get in touch with the Professionals Mudgee Real Estate team.

4 things you shouldn’t compromise on when searching for a Mudgee home

If you’ve just started on your property hunt then you’ve probably come to realise that you’re going to have to make some kind of compromise.

It’s very rare to find a home that ticks all the boxes and is exactly how you’d picture your dream home to be. Every property is unique and has its own set of pros and cons and it can be very frustrating when you’re not sure on the types of compromises you should make.

It’s definitely worth being open to compromising on some things when buying otherwise you might be searching for a very long time, but there are also a few things that aren’t worth budging on.

They include:

  1. The cost – You probably couldn’t change this factor even if you wanted to, but some people get carried away when they find a property they’re extremely keen on and stretch themselves to their absolute limit. While this works out in some cases, it can also lead some people into extreme financial strife. When working out your buying price make sure you give yourself a buffer so that you can comfortably pay off your home and have money leftover for any unforeseen circumstances.
  2. Local amenities – Location is the number one consideration to be made when buying a property because it is the only thing you absolutely cannot change after buying. For this reason you need to make sure that the location has everything that you require. Some people might need to be near public transport, schools, hospitals or their work, so figure out what you need to have close by before making a move.
  3. Professional inspections – We know that it can be tempting to forgo building and pest inspections to save a little bit of money, but what could you be risking in the long run by not getting them done? The cost of professional building inspectors is minute when compared to the other costs associated with buying. They can pick up on problems that you might not have noticed and ultimately save you from making a very costly mistake.
  4. Your own personal non-negotiables – Everybody has slightly different requirements and only you will know yours. For some, property size is an extremely important factor and they need a certain number of bedrooms to accommodate a large family. For others, convenience might be more important. Think about what you absolutely wouldn’t negotiate on and try to be patient if you have been looking for your ideal home for little while – the property that is just right for you could be on the market any day now.

If you’re looking for a home in the Mudgee area then don’t hesitate to contact us at Professionals Mudgee Real Estate to find out about properties currently on the market.

How to work out what you can afford to borrow

Thinking about buying a home in Mudgee this year? If so, you will need to take a long and hard look at your current financial situation.

Going through all of your financial comings and goings isn’t a particularly fun task, but the sooner you have a financial plan in place, the sooner you’ll be able to start shopping for your ideal Mudgee home.

Take control of your finances

Talking to a lender might be the first step on your home buying journey, but don’t expect them to do all of the hard work for you. It’s really important to take control of your own finances and understand your financial limits, and what you can comfortably afford to pay for a mortgage each month.

Sure, your lender might tell you that you can borrow a larger than expected amount, but if you take the full amount you might find yourself under financial pressure and unable to live the lifestyle you’re accustomed too. So get to know your finances and spending habits and figure out a budget you can work within.

Track all spending 

Start tracking everything you spend money on, whether it’s big items like rent or smaller ones like your morning coffees. While you’re tracking your budget, look for things you think you could cut back on to help you save, and potentially help you increase your borrowing capacity. Perhaps you can cancel your gym membership? Or maybe you’re paying too much on your credit card? Even the smallest expenses can add up over time, so without them you can save for your home deposit faster.

Keep a financial buffer

Generally, people add up their rent and savings when figuring out their borrowing capacity, however there are a lot of extra expenses that come with home ownership that you will need to account for.

Expenses you might need to budget for include (this is a non-exhaustive list):

  • Building/pest inspections
  • Moving costs
  • Insurance
  • Council rates
  • Ongoing maintenance
  • Utility bills
  • Stamp duty fees
  • Strata fees/body corporate
  • Conveyancer/solicitor fees

Try to be conservative when calculating what you can afford so you don’t end up overstretching yourself later on, and always get financial advice as early in the buying process as possible.

For those who are ready to buy, feel free to browse our properties for sale at professionalsmudgee.com.au.