Property and finance blog

Who?...Why?...Where?...How Much?

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:

1. Appraisal of property prior to sale.

2. Estimate of a property's likely value upon completion of improvements.

3. Valuation for insurance purposes.

4. Valuation for tax and trust purposes.

5. Completion of depreciation schedules for tax purposes.

6. 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 property Institute.

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 also obtain a quote for their services, and be sure to 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. Generally, a report that can be used for mortgage purposes ranges from $250 to $350 plus GST. Many valuers offer their services on an oral or written consultancy basis also. You can expect to pay anywhere between $75 to $125 per hour for this type of service.

This article is courtesy of New Zealand Property Index.