How long does a house valuation take

how long does a house valuation take

We are frequently asked questions about what and how we go about our job.

Below is a list of the most frequently asked questions. Every property is different and has its own unique characteristics and challenges. However we have endeavored to provide an answer that is understood without using industry technical jargon.

What does a valuer do?
  • Inspects property
    • interior
    • exterior
    • taking detailed notes on construction materials, fixtures and fittings and condition thereof.
  • Measure and calculate floor area of all the improvements
  • Views (from the road) and analyses comparable market sales
  • Depending on type of valuation, the Valuer will use two or three of the most appropriate methods of valuation i.e.
    • Sales approach
    • Depreciated Replacement cost approach
    • Income appreciation
  • Provides appropriate written report to the client identifying the property’s current market value meeting the requirements of NZIV & PINZ reporting standards, practice standards and guidance notes.

What does my valuation report include? A valuation report is a professional written assessment of how much your property is worth. Our Valuer will inspect the property, consider all the factors that affect the value and write-up a professional property report that includes statements and commentary relating to:

  • general description of the property
  • registered proprietors
  • legal description
  • resource management/zoning
  • statutory assessments (RV, rates)
  • locality
  • land
  • full description of the building improvements
  • valuation process describing methods used
  • list of comparable sales
  • a general market comment

Market value is defined as “the estimated amount for which a property should exchange on the date of valuation between a willing buyer and willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion”. If we are valuing your property to assess the current market value then the simple answer is, yes.

We will have used recent current market sales to assess the current market value of your property. It is fair to say that valuation is not an exact mathematical calculation and individual interpretations, opinions and experience are applied in every valuation. When negotiating the sale of your property we consider that as long as the sale price is the same as, or very close to our valuation, you will be achieving the current market value.

What does the rating valuation (rv or gv) mean? Rating Valuations are based on mass appraisal techniques and are used primarily for assessing the local authority rates. In many cases the

subject property has not been inspected in assessing this value. They do not include chattels and, in our opinion, should not be relied upon to set the current market value of your property.

If my rating valuation goes up will I pay more rates? Most councils base a portion of their rates on the land value component of your rating valuation. Your rates are also made up with a lot of other uniform annual charges for services provided. Councils annual budget is set each year, the annual charges are calculated and the shortfall of the budget is used to calculate a factor that is applied to your properties land value which sets the balance of your rates. Therefore if your RV increases it is likely you may pay slightly higher rates but only in proportion to achieve the council budget. If you RV doubles you will not pay double the rates.

What are your fees? It is very difficult to provide a one fee fits all structure with valuation. Every property is different and has its own challenges. The purpose of every job can also be different which dictates what type of report is appropriate. All these factors affect the time taken to do the job and we are only to happy to discuss (on a no obligation basis) your property requirements, type of property, purpose of the job and provide a quote. It cost nothing to call and talk to us and we would welcome your enquiry. We consider that our fee structure is fair, especially in regard to the product we produce.

How long will it take to get my valuation? Not long at all because at Williams’ Harvey we have designed a service whereby you can collect your report as soon as the Registered Valuer has signed it off. By taking advantage of our on-line collection service you can have your report within minutes of it being finished. Furthermore, you can forward the report on to whoever else requires that information. At Williams’ Harvey one of our main priorities is a strong focus on client service, therefore, it is important to us that you receive the valuation report in a timely manner so that you can make prudent judgments regarding your property decisions. Our on-line collection service has been designed with this priority in mind.

Although we have developed ways for reports to be delivered in the most expedient manner, this in no way compromises the professional standard of our work. As well as being able to pick your report up on-line a hard copy will also be sent to you for your records.

Frequently asked questions

Source: www.williamsharvey.co.nz

Category: Taxes

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