We bought a house and land package in a new suburb-Middleton Grange, NSW, with the mind we would live there forever. However, we realised this was a decision we made with our heart as we liked the feel of the suburb and we no longer like our house nor the commute to our workplace in the city(40km). We also decided to change our strategy and get into property investing which means we should have bought in a rent viable area not in the bush where there are no facilities or public transport. We have contacted a few property agents for valuation and the prices are low as they say not many homes have been sold in this area and potential buyers are building instead of buying thus demand is low.Please advise,how I can find the true value of my property and how much buyers would be willing to pay? Also, our loan is fixed rate for 2 years-what are the penalties for breaking a fixed rate loan? Any ideas on how to sell a new house for a profit so we can start on our new direction will be highly appreciated.
Thank
Hi there
The only way you're going to get an accurate idea of how much your house is worth is by getting it valued by a certified valuer.
Depending on the bank you're with, you might be able to arrange this for free without submitting an application.
Otherwise, you can always commission your own independent valuation – might cost a few hundred dollars.
The only way you can find out the break fees is by calling your lender and requesting a payout figure.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi
You mentioned you're now interested in getting into property investing. If you are unable the sell the property traditionally for the price you want, then selling the property with Vendor Finance may be a way to get this property to produce positive cash flow for you.
A general overview of how this could be done is available at http://www.negative2positive.com.au It's our site in which we promote or services in this area but it also has a lot of information about how it's done.
If you were to consider getting this property to produce positive cash flow for you by selling with vendor finance, the 2 year fixed interest rate would become a non issue. This is because you would also lock the vendor finance buyers into 2 years fixed interest.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks Jamie and may contact an independent valuer when ready to sell.
Thanks Paul.
I'm seriously looking into the vendor finance option- the links are informative and I'm doing more research in this. I may have more questions and will contact you if thats ok.
Cheers
If vendor finance is they way you proceed Paul will be your man to contact. He's been doing it in a business like manner for a number of years.
Oscar
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