Residential Property Valuation
A residential valuation can be undertaken for a number of purposes including obtaining a mortgage, sale & purchase recommendations, matrimonial or family trust settlements, a general current market value and more.
Upon instructions we establish the purpose of the report, where the report needs to be sent, advice as to fees and arrange access to the property. Access is very important and unless there are special circumstances a report cannot be completed without the valuer viewing the property. Consideration needs to be taken where a valuation is urgent and the property is tenanted. A tenanted residential property generally requires 48 hours notice.
Prior to inspection the valuer investigates the locality, researches recent market and other relevant evidence, consults the district plan for such as zoning and flood planes and orders a certificate of title to check ownership and encumbrances.
A property inspection includes an internal and external inspection of the dwelling and associated improvements, measurement of the dwelling and other improvements and provides a photograph.
Following an inspection the valuer will analyse the sales and other evidence, provide the client with the appropriate relevant information, complete a report and determine an appropriate value. This is then made available for use by the client i.e. for his or her requirements such as bank purposes.
Please note that a report can be re-addressed to an alternate lender should a change occur subsequent to the report being made available.
The valuation report includes a description of the property and improvements and their condition, comments on the locality, land, zoning and a market commentary in accordance with professional industry guidelines.
A valuation report is not considered a building report and valuers do not carry out structural surveys. The valuer should advise if this or other specific requirements are deemed necessary.