Know With Certainty…
October 15th, 2014 by Steve McNamara
Know for sure what your stakeholding in the dynamic Auckland property market is. Learn what the actual current market value of your property is – and avoid relying on computer based valuation models that tend to ignore certain property features in calculating a value, and do away with relying on rating valuations that are primary performed to enable councils to determine rates allocations and which are achieved without necessarily performing onsite inspections. These are key objectives of every prudent property owner.
Within a few weeks the owners of 525,000 properties across Auckland will begin receiving their new rating valuations – or G.V.’s as they used to be colloquially known as. These rating valuations are generated every three years as councils throughout New Zealand carry out their rating reviews.
Like many residential property owners, you may be looking forward to your property’s new rating valuation arriving. You probably think it will help as a free and easy way to assess the current market value of your home and, in turn, help you estimate what sum you should insure your house and property for. However, we all know there is no such thing as a “free lunch” – or, indeed, a “free valuation”. From the outset, Auckland Council strongly warns against misusing its rating valuation assessments. “Our valuations are used for setting rates and as such, they are not intended for other purposes such as marketing or for mortgages. We strongly recommend that private registered valuations be obtained for these purposes,” it states.
This is the rating valuation activity that is unfolding in the Auckland region.
Suffice to say that rating valuations have a very limited practical use – and even the various councils around New Zealand that are arranging them to be performed are warning home owners not to attempt to use them for loan finance application purposes, setting insurance Sum Insured values, etc.
So if you wish to know with some certainty what the current market value of your property is, and then use that valuation information to do things such as apply for finance in order to purchase or renovate a home or to accurately insure your home, then the right property valuation for you to obtain is one that has been performed by a professional valuer who goes onsite to thoroughly inspect (inside and outside) the property in question, and who then delivers a comprehensive valuation report to the property owner as a consequence of their probing onsite inspection. This is exactly what Property InDepth valuers do, as you can see here.
Property InDepth valuers specialise in residential and lifestyle properties. Booking an accurate home valuation is a simple process and starts with calling (toll free) 0800 463378 or by emailing us via our online form.