A $200k price jump in nine months: The renovation that paid off in spades for this Orange home
The power of a facelift cannot be underestimated in the property market, with this home selling for almost $200,000 more than it was bought for nine months later after a ‘transforming’ renovation.
A recently sold home in Orange increased in value by almost $200,000 in just nine months thanks to a ‘transforming’ renovation.
The modernly renovated home on 1 McKay Crescent sold for $615,000, when it was purchased just months prior for $433,000 — a 42 per cent increase, according to CoreLogic data.
The agent said he wasn’t surprised by the selling price with the “completely different-looking house” attracting 30 different groups to inspect the property.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.“Everyone’s comments were the same... they all said how beautiful it looked, how it’s ready to move in and so fresh and bright.” Hugh Britton from Peter Fisher Real Estate said.
“Everything from the floors, the walls, kitchen, bathroom, exterior, all of it. After the renovations, the house ticked a lot of boxes for people.”
Untapped areas of Orange
The home was built in 1950 and has undergone a complete renovation in the kitchen, three bedrooms and one bathroom.
The 632 square metre home in the southwest of Orange is close to Elephant Park, Orange High School and the Orange Aquatic Centre.
As the prices in the central business district have soared, Mr Britton said buyers are looking for untapped areas of Orange to buy a home.
“It’s becoming a more popular part of town, with the CBD so expensive people are looking for different pockets where there’s good value — and this home was one of them,” he said.
Mr Britton said the former owner bought the house as an “investment opportunity”, but he still thought the new owner, a first time home buyer, got a good deal.
“It’s quite rare to find a fully renovated home in the price bracket,” he said.
“It was a great opportunity in that price range you don’t get much or something as good of quality, especially for a first time buyer who ended up buying the property. It’s perfect.”
This article first appeared at view.com.au
