VALUATION FAQs
1. Why should I get a professional valuation?
Registered valuers offer an independent, expert assessment of a property’s value.
A valuation may be required by a financial institution for a mortgage, re-financing or for a business’ financial accounts. In most cases, banks and other financial institutions will only accept a valuation from a registered valuer.
A valuation is also a vital tool if you are buying or selling a house so you know exactly what the property is worth. It can save you time, money and potential property issues.
A registered valuer also offers local knowledge and information about your property and the surrounding area.
2. What does a valuation mean?
A property valuation provides an independent assessment of the value of a property, based on a number of different elements, including an analysis of the current market, recent sales and council information.
A valuation is used for a variety of purposes including buying or selling, mortgage lending, financial accounting, matrimonial property settlement, rental assessment, compensation and insurance.
3. What sort of properties can be valued?
Any property can be valued, including commercial and industrial properties, residential homes, farms, forestry blocks, lifestyle blocks, accommodation properties, tourism operations, maraes etc
4. Who does the valuation for me?
A registered property valuer should undertake your valuation. A list of registered property valuers is available on the Property Institute of New Zealand website, http://www.pinz.org.nz/
5. What is a Registered Valuer?
A registered valuer is university qualified and is registered with the Valuers Registration Board. Once qualifying with a university degree, every valuer must undertake an additional three years of postgraduate working experience and a further practical examination before they can become registered.
6. What are the requirements on a Registered Valuer?
A registered valuer must hold an annual practicing certificate, be a member of the Property Institute of New Zealand, and abide by the Valuers Registration Board Code of Ethics and the Property Institute of New Zealand valuation standards.
A registered valuer must also complete compulsory professional development annually in order to maintain an annual practicing certificate.
7. How do I know I’m working with a registered valuer?
A list of registered property valuers is available on the Property Institute of New Zealand website, http://www.pinz.org.nz/. A registered valuer will also have an annual practicing certificate available to view.
8. What does a registered valuation entail?
The valuation will depend on the type of property and purpose of the valuation, but the process will usually include a physical inspection of the property, an analysis of comparable evidence in the area and an assessment of the value. The valuation will be presented in a detailed report that outlines the physical description of the property, the methods and evidence utlised to reach the value, the valuation figures, and specific recommendations from the valuer.
9. What is the cost of a valuation?
The cost of a valuation varies depending on the size and location of the property. Contact Reid and Reynolds on 07 348 1059 to receive an indicative price in the first instance.
10. What is the difference between a full current market valuation and a council rating assessment?
A full current market valuation, which is that prepared by a Registered Valuer, provides a professional estimation of how much your property is worth in today’s property market at a certain date in time generally the date of inspection. A council rating assessment is undertaken by local councils to determine property values at a specific point in time, to enable the council rates to be assessed. Most New Zealand councils reassess property values every three years, and as a result, a rating value is only an accurate measure of a property’s value as at the date of the last rating valuation.
A council rating value provides a capital value for a property, plus the land value and the value of improvements. Chattels and plant are not included in the Rating Valuations.
11. How can I use my valuation report when buying a property?
When buying a property you should commission a valuer to undertake the assessment prior to putting in an offer. That way any issues identified by the Valuer can be addressed in the negotiation process and the document can be used to assist in negotiating the price.
12. How can I use my valuation report when selling a property?
In order to maximise the potential for achieving a sale, it is important to fairly reflect the true value of the property in the asking price. A registered valuation will help you ensure the property is realistically priced before it is listed on the market.
13. What should you do if you are not happy with a Registered Valuation?
A registered valuation is the considered professional opinion of the registered valuer however valuations are a subjective opinion of the registered valuer. If you have any concerns, in the first instance you should discuss these directly with the Registered Valuer who undertook the report. If you are still not satisfied the Valuers Registration Board http://www.linz.govt.nz/valuation/valuers-registration-board/index.aspx administers complaints regarding registered valuers.
14. How do I request a valuation?
You can request a valuation with Reid and Reynolds either by filling out the online request form at http://www.reidandreynolds.co.nz/online-valuation-request-form.asp or by contacting any one of our valuers on 07 348 1059.
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