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  1. #1

    Default Property Valuations

    I've been thinking about the different types of valuations from looking at the QV website and just wanted to clarify how it works. It seems like there's three types:
    - The rating valuation, which the council does every three years
    - E-Valuer market valuation, which is based on comparable sales
    - Full market valuation, which is a full analysis of the property done by a valuer.

    From a property investment point of view, I'm just wondering how to approach valuations. When looking at a property it seems the rating valuation from the council is the first thing you look at for a bit of a guide, but it can be sometimes a bit off. If you were looking to sell an investment property, would you get a full market valuation done, or an update to the rating valuation? Should you get a valuation done after doing renovations? How do you guys deal with valuations? Do you just rely on the rating valuation every three years from the council or do your own valuations every couple of years?

  2. #2
    Join Date
    Feb 2015
    Posts
    129

    Default

    ...big brother bank" will for sure require a professional valuation 99% of situations...maybe not at present as they are giving "cash handouts" for borrowers...!!!

  3. #3
    Join Date
    Dec 2003
    Location
    Wellington
    Posts
    606

    Default

    Bought a property for $440k in Porirua- one of the most expensive cities for rates. The RV was $530k - called in QV paid $250 for them to do an "urgent revaluation" - the RV is now $455k :-) If a property hasn't sold for a long time- this one last sold in the late 90s - then they can get badly out of wack . As we never intend to sell the property have no interest in paying over the odds on rates!

    Normally I don't bother - the RV will reflect the price you paid for the property and any renovations (which you have consents for). It's only a very rough indication of what a property might sell for.

    BTW cpt707 nope not had a bank require a valuation on either of the properties I've bought and sold recently - depends on your reputation with them and your LVR

  4. #4

    Default

    It sounds like you've the idea of how rating valuations work. They're a broad brush guide to values and have a few limitations for folks wanting something specific for their own use. Keep in mind that the rating value may not have captured any renovations (especially if not requiring a building consent) and that they're exclusive of chattels.

  5. #5
    Join Date
    Dec 2003
    Location
    Hawkes Bay
    Posts
    1,738

    Default

    Quote Originally Posted by WestonSF View Post
    I've been thinking about the different types of valuations from looking at the QV website and just wanted to clarify how it works. It seems like there's three types:
    - The rating valuation, which the council does every three years
    - E-Valuer market valuation, which is based on comparable sales
    - Full market valuation, which is a full analysis of the property done by a valuer.

    From a property investment point of view, I'm just wondering how to approach valuations. When looking at a property it seems the rating valuation from the council is the first thing you look at for a bit of a guide, but it can be sometimes a bit off. If you were looking to sell an investment property, would you get a full market valuation done, or an update to the rating valuation? Should you get a valuation done after doing renovations? How do you guys deal with valuations? Do you just rely on the rating valuation every three years from the council or do your own valuations every couple of years?
    If you are selling, there would be no need to get any valuation at all, you would be wasting your money.

  6. #6

    Default

    I think every situation is different. I would look at getting a full Reg Valuation if I was unsure what the true valuation of the property was i.e newly renovated etc. It may save you money and can cost anywhere from $250 but it may just save you a few 1000. Every situation is different but some more experienced PI's probably wouldn't bother.

  7. #7
    Join Date
    Feb 2015
    Posts
    129

    Default

    Often Registered Valuations" give a very generous + and - value and with a conclusion that is vague. Covers the Valuer's guessing skills. A volatile market situation' is just a guess for sure...my opinion only...!!!


 

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