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Why Wait Until November…

October 24th, 2014 by Steve McNamara

The Limitations of Your Rating Valuation

Why wait until next month (November 2014) – when the Auckland Council releases new rating valuations across Auckland city – before you gain some idea of the current value of your home? Even if you did intend to wait until next month to learn what this value is, did you know that the rating valuation report that you will receive has very limited uses – so much so that the Auckland Council is already warning people as to its limitations here.

Have you considered these facts:

Did you also know that within a week, a Property InDepth valuer can provide you with a more revealing and accurate valuation – a valuation which involves going onsite to closely inspect your property (inside and outside), the results of which are then combined with an analysis of comparable property sales and other relevant factors to arrive at an accurate current market value of your property. Property InDepth has been specialising in the New Zealand residential and lifestyle property market for over 10 years, and routinely performs such valuations for these purposes.

In early November 2014 Auckland Council will release a new set of rating valuations which relate to properties across the Auckland region, having engaged QV to assess more than 525,000 properties. The Auckland Council uses these rating valuations to calculate and apportion the share of its 2015-2016 rates requirement that each homeowner will pay. Given the constantly changing Auckland property market, these new rating valuations – most (if not all) of which are estimated as at 1 July 2014 – are effectively already out of date…even before they’re released!

But what if you wanted to understand what an accurate current market value of your property is – say for loan finance (mortgage application) purposes? For selling purposes? For insurance purposes? Or simply to understand the likely value of your property before and after renovations take place? Should your rating valuation be used to answer these questions? The short answer is “no” – which is the advice that at least the Auckland Council is providing to home owners.

To whom then should you turn? If you wish to resolve one or more of the above questions then what you need is a comprehensive valuation performed by an objective professional valuer who goes onsite to inspect your property thoroughly at the “grass roots”. Property InDepth offers such professional valuation services. Booking an accurate home valuation is a simple process and starts with calling 0800 463378 or by emailing us via our online form.

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