A valuation is an assessment of a property’s market worth, generally carried out by a Registered Valuer for a variety of purposes, but most commonly for mortgage, refinancing, buying or selling purposes.
Why use a Registered Valuer?
Most financial institutions will only accept valuations that have been completed by an independant and professional Registered Valuer.
In addition, when you chose a registered valuer you can be sure not only do they have a formal property valuation qualification and a number of years work experience, they have also been through the rigorous registration process with the Valuers Registration Board and they continue to comply with the continuing educational requirements of the NZ Property Institute and NZ Institute of Valuers.
While a Registered Valuer may not be an expert in the field of building and engineering, they are adept in identifying issues and possible problems (such problems should of course be passed on to another professional for investigation) and the public can be sure that Registered Valuers are aware of and up to date with all current practices, standards and codes of procedure.
What is a Registered Valuer’s report?
Registered Valuers’ reports are provided for a broad range of purposes. Registered Valuers are often asked to assess the market value of a property but can also provide other value reports, including reinstatement
and replacement values for insurance purposes, initial rental assessments and rent reviews (mostly on commercial, industrial, retail and farm properties).
Also a board range of other purposes including feasibility studies, compensation and valuations of proposed subdivisions and developments. Registered Valuers can provide values from plans of proposed buildings and progress assessment, which form the basis for progress payments which fund ongoing development projects. Expert Valuers undertake a wide range of other specialised assessments. Speak to a Registered Valuer to see how they can help you.
It is important to note that we are not Financial Consultants as defined by the new legislation, and our advice is confined to the appraisal of real property, land, buildings and other structural improvements.
When and why should you request a valuation?
There are several instances where you should request a valuation; if you are buying, selling or building a property; if you are looking to transfer a property to a trust; if you need to insure your property (request an insurance certificate); if you are considering buying an investment property, if you need to negotiate a lease; or if your organisation needs to report asset values. Financial institutions look for independent opinions on the value of a house as this is one of the ways they calculate how much they can lend for a mortgage request.