How long will it take to complete the Valuation?
From the time of instruction until the completed report is ready, generally ranges from between 5 to 7 working days, depending on the availability of access into the property.
Why does the Valuer need to inspect the interior of the property?
The Valuer cannot ascertain the internal condition of the dwelling without an internal inspection. The internal condition of the dwelling is an important consideration when calculating Market Value.
Who does my Valuation need to be addressed to?
This is dependent on what the Valuation is required for:
- Finance/Mortgage Purposes: addressed to the lender (i.e. bank or financial institution).
- Matrimonial Purposes: addressed to Solicitor.
- Trust Purposes: addressed to the Trust or Solicitor.
- Sale Purposes: addressed to the owner.
- Tax Purposes: addressed to accountant.
Why is a Mortgage Recommendation included on Valuations to be used for Mortgage Purposes?
The Valuers Institute requires that all valuations for mortgage purposes include a Mortgage Recommendation and this recommendation must not exceed 66% of the Current Market Value exclusive of chattels. Leasehold property and Vacant Land are assessed at 50%. However, this recommendation does not affect your level of borrowing, that is negotiable between you and your mortgage provider.
What does a property valuer do?
A property valuer inspects the interior and exterior of your property, taking detailed notes on construction materials, fixtures and fittings and property condition. They measure and calculate the floor area of all the improvements. They consider the building view from the road and analyse comparable market sales. Depending on the type of valuation, the Valuer will use two or three of the valuation methodologies to analyse the subject property:
- Direct sales
- Depreciated replacement cost following comparison
- Income appreciation
After analysing the above information, the valuer provides a detailed written report to the client identifying the property’s assessed current market value allow methodology meets the requirements of IVS, IFRS, NZIV & PINZ reporting standards, practice standards and guidance notes.
What is a valuation report?
A valuation report is a professional written assessment of how much your property is worth. Our valuers will inspect the property, consider all the factors that affect the value and write-up a professional property report that may include, but is not limited to, the following:
- Property summary
- Registered proprietors
- Legal description
- Resource management/zoning
- Statutory assessments (RV, rates)
- Land description
- Full description of the building/buildings
- Valuation process identifying the methods used
- List of comparable sales
- A general market comment
- Date of instruction
- Leases (if applicable)
- Asserted market value
- Mortgage recommendation
What is a Rating (Government) Valuation?
Rating Valuations (RVs) are compiled by statute, under the Rating Valuations Act 1998, mainly as a uniform basis for levying local authority and regional council rates.
Rating Valuations also serve as a useful guide for property owners and other interested parties, as they are impartial and independently assessed.
How is a Registered Valuation different from a Rating (Government) Valuation?
A Full Current Market Valuation is a professional estimation of how much your property is worth in the current property market, as determined by a qualified valuer visiting your property and conducting a valuation.
A Council Rating Value is undertaken by local councils to establish property values in order to determine council rates. Most councils in New Zealand reassess property values every three years, so a rating value is only an accurate measure of a property’s value at the date of the last revaluation.
Why use a Registered Valuer instead of a Real Estate Agent?
A Registered valuer is a trained and qualified professional who will provide an independent report on the property. The valuer has no financial interest in the property.