How to choose a property valuer
Registered Property Valuers provide an impartial, expert appraisal of a property's value. They are university qualified and must undertake an additional three years of postgraduate working experience before they can sit a further examination to become a Registered Valuer.
In most instances, banks and lending institutions will only accept a valuation for mortgage purposes from a Registered Valuer. In addition to valuations for mortgage finance, Registered Valuers can be of great assistance in the following:
Valuers are listed in your local Yellow Pages under "Valuers" or "Registered Valuers". Alternatively you make get a recommendation from a bank or real estate agent. Valuers form part of the professional body known as The New Zealand Institute of Valuers.
Make sure you have a definite aim and set of instructions when you call a valuer. You should be able to have a no obligation telephone discussion, where you will want to be sure that the valuer is experienced in the valuation work you require.
You should tell them when you need the valuation by. It will also help the valuer if you can inform them of your bank or financiers' details, as an original report will normally need to be directed to them.
The cost of a valuation report varies quite significantly, depending on what part of New Zealand you are in. In a city like Wellington, a report that can be used for mortgage purposes typically ranges from $700 to $900 plus GST.
Many valuers offer their services on a consultancy basis. You can expect to pay anywhere between $150 to $400 per hour depending on the complexity of the work and the overall experience of the Valuer.
In most instances, banks and lending institutions will only accept a valuation for mortgage purposes from a Registered Valuer. In addition to valuations for mortgage finance, Registered Valuers can be of great assistance in the following:
- Appraisal of property prior to sale.
- Estimate of a property's likely value upon completion of improvements.
- Valuation for insurance purposes.
- Valuation for tax and trust purposes.
- Completion of depreciation schedules for tax purposes.
- Estimate of values after proposed subdivision.
Valuers are listed in your local Yellow Pages under "Valuers" or "Registered Valuers". Alternatively you make get a recommendation from a bank or real estate agent. Valuers form part of the professional body known as The New Zealand Institute of Valuers.
Make sure you have a definite aim and set of instructions when you call a valuer. You should be able to have a no obligation telephone discussion, where you will want to be sure that the valuer is experienced in the valuation work you require.
You should tell them when you need the valuation by. It will also help the valuer if you can inform them of your bank or financiers' details, as an original report will normally need to be directed to them.
The cost of a valuation report varies quite significantly, depending on what part of New Zealand you are in. In a city like Wellington, a report that can be used for mortgage purposes typically ranges from $700 to $900 plus GST.
Many valuers offer their services on a consultancy basis. You can expect to pay anywhere between $150 to $400 per hour depending on the complexity of the work and the overall experience of the Valuer.
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