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What you can expect from the Senior Valuation process
You know you need a property valuation, but what exactly does that entail?
The property valuation process often comes with an air of mystery, with many knowing what A and B are, but not the steps that go in between. Keeping you in the loop starts here; this is the process I follow when establishing the correct value of your property.
Step 1: Decide the time and fee of the property evaluation
After choosing me as your real estate valuer, we will iron out the details of the property evaluation. This includes:
- Setting a time frame for the property valuation to be completed within, and where the finished report should be sent,
- Establish what will be charged for your report, costs being relative to the type of property, location, and purpose of the property valuation,
- Setting a time for me to come and conduct the inspection and obtain all on site property detail.
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Step 2: Investigate external influences on the value of the property
There are many external factors which impact on the value of a property such as it's location and recent sales.
Factors such as these are investigated before the actual property evaluation so that your report takes all relevant details into account within the property's current situation - giving you the most accurate evaluation possible. As an experienced real estate valuer, this is where over 20 years of experience comes in handy.
Other external factors include:
- Recent comparable sales,
- The current Certificate of Title,
- The property's details, such as the Rating Valuation,
- Possible issues with regards to contamination, flooding, and earthquakes,
- The district plan for the property's zoning details, and specific notation of designations or heritage,
- Any changes proposed for the area (e.g. motorways, service stations, supermarkets).
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Step 3: The physical inspection of the property
There are many factors that real estate valuers need to take into account when carrying out a property evaluation. It is the sum of all these things, plus the external factors that will establish the value of your property:
- An inspection of the land; this entails noting the fencing, landscaping, the outdoor living characteristics, decking, paved areas, and any outdoor buildings,
- Inspection internally and externally of the buildings,
- The condition of the property and any upgrading or maintenance issues,
- The gross measurement of the house,
- An inspection of the property internally; this entails noting any fixtures and fittings, the condition, and the accommodation provided,
- An inspection of relevant recent comparable sales in the area and any local changes or developments occurring or to occur,
- A photograph of the property.
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Step 4: The information is analysed and property evaluation report finalised
The next and final step is to analyse all of the compiled information, calculate the details for your reference, put it into a report, and establish the accurate value of the property for your purposes. This includes:
- Analysing the comparable sales and market activity in the area,
- Based upon comparable sales and market conditions, undertaking the valuation assessment,
- Determining the floor area of the house and outbuildings,
- Preparing the report including details of the property, locality, zoning, sales, value, and market commentary,
- Reporting back to you with my findings; usually I'll contact you by phone to discuss the results before completion of the final report,
- Emailing or faxing the property valuation to you or your bank (according to your preferences),
- Posting the original copy (two copies) and account,
- Payment preferred within 7 days unless otherwise arranged.
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Sounds like you? Contact me for your professional property valuation today!
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Want to talk to a real person? Request a call from Phil today!
When you complete the form below it sends me a text message and I will call you back within 1 hour to discuss your property needs.(Within normal working hours).
Proud member of the following reputable institutions:
Senior member of the Property Institute
of New Zealand
Associate member of the New Zealand
Institute of Valuers
Member of BNI
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