Registered Property Valuation is the process of the market assessment of a property done by a registered property valuer. House valuation, valuation, or registered valuation are also some of the other names of this process.
There are a number of reasons for which property valuation might be required. Take a look at some of them:
- To find the worth or value of your house
- To find how much you must pay for the house
- To create a report for mortgage application
- To create a report for refinancing application
If you need finance or you want to sell your house, you are going to need registered property valuation. For homeowners, the most common reason to get the property valuation is when the bank asks for a report to finance loan application and approval.
Who is a registered valuer?
A registered property valuer is the person who is a professional graduated from university having a valuation. They are trained to be an expert level valuer in various property valuation methods and they have experience in valuing property.
How does property valuation process work?
The property valuer uses his knowledge and experience with the observations and research on property along with its surrounding areas. This process can let you come up with the market value of your house.
The valuer performs full inspections of the house from the inside as well as outside. He is going to spend half an hour on inspecting the property. During this time, the valuer measures and views the whole property.
He is also going to do some desk-based work such as checking the title, searching for the council zoning map, or consulting the resource management act. The most crucial thing is that the valuer is going to compare the property data of comparable houses. He uses previous statistics of similar property to determine the value of your property.
Does the valuer know about your property?
The property valuer needs to have in-depth knowledge in real estate market and this is a necessary thing to be a registered valuer. The valuer will know how to measure the building, he will be familiar with the materials and style of your home, and he will have an understanding of the architecture and engineering of your house. These valuers need to be up to date about the local district plans as well as the Resource Management Act. He is not only expert in the matters of engineering and building but he can also identify the potential problems in the house. If he spots something wrong in the property, he will investigate it and this is going to influence your property valuation.
Once the property valuation is complete, the property valuations company will make a report that will have a legal standing. The cost of property valuation will differ from one valuer to another. Usually, the standard cost lies between $500 and $800. He will look into many things in your property to prepare a report and tell its actual worth in the market.