Looking for some suggestions with respect to setting up owner finance options for an existing property that I own.

Details are:

Nice bay side Suburb Melbourne
3 bedroom house
Bank valuation late last year at 1.1m
Market rent about $800 pw
Fully financed by me now

Considering finding a future owner to take over loan repayments and purchase at an agreed price. Ready for them to move in Jan 12 flexible on lease period and terms.

Any experienced agent will tell you however that there are other factors that will affect the value of your property, which also needs to be taken into consideration. These include market demand and the condition of the property, its size and elevation, does it have a view, the state of the garden, the age and modernity of the kitchen and the bathrooms, various security features, as well as various cosmetic updates, such as the flooring, fireplaces, light fixtures, and whether the home has been painted with a fresh coat of paint for example.

“Just like people often eat with their eyes, the same is true for shopping for a property – if a house looks updated, clean and well kept, and it boasts tasteful, modern decor, finishes and window dressings, then it will have a much higher commercial appeal to a much wider audience, and you may be able to enter the market with a slightly higher asking price,” advises Goslett.

The main element in determining an accurate value is current market conditions, says Goslett: “The keyword here is ‘current’. If nothing else, recent market fluctuations have shown that property can be worth one amount one day and something else the next. Last year, for example, residential property price growth showed dramatic changes during the course of 2010 – peaking around mid-2010 at 11,1%, and slowed down significantly to an average of 2,6% y/y in the second half of the year.”