Frequently asked valuation questions

1. Why do I need a registered valuation?

2. What is a market value?

The estimated amount for which an asset should exchange on the date of the valuation, between a willing buyer and a willing seller, in an arms-length transaction, after proper marketing, when both parties have each acted knowledgeably and without complulsion.
Provides an independent assessment of the value of the property, taking into consideration an analysis of sales of properties of similar type, location and stanard to the subject property, including code of compliance issues and other relevant location issues.

3. What sort of property can be valued?

Any property can be valued, including commercial and industrial properties, residential homes, rental investments, lifestyle blocks, farms, hotels ... the list goes on

4. How do I request a valuation?

You can request a valuation from Barlow Justice by either filling in an online request form Request a valuation from Barlow Justice or contact the office directly Contact Barlow Justice

5. What qualifications does a Registered Valuer have?

A registered valuer is university qualified with a relevant valuation degree.
The valuer then needs to work a minimum of three years under the supervision of another Registered Valuer before they can apply for registration with the Valuers Registration board. Registration requires a submission of a sample of valuations as well as an interview and an examination by the Registration Board, before registration is granted.

6. What are the requirements on a Registered Valuer?

Must hold an annual practicing certificate
Must be a current member of the NZ Institute of Valuers
Practice within the Property Institute of New Zealand and the Valuers Registration Board Professional Code of Ethics and Professional Standards
Must complete annual compulsory professional development coures in order to maintain an annual practising certificate.

7. How do I know I’m working with a Registered Valuer?

Check the Property Institute of New Zealand website www.pinz.org.nz for a list of Registered Valuers

8. What does a Registered Valuer do to complete my valuation?

Need to book in a time to do the inspection with the valuer. This will mean giving any details of individuals that can give the valuer access.
The valuer will need to inspect the property, measuring all buildings, taking photos inside and out, dictating part of the report on site, taking notes on all aspects of the buildings and site improvements. The owner is welcome to be present while this is done, but this is not a requirement.
We need to look at recent sales in the area, of similar properties to the subject
The valuer will then spend time in the office analysing the sales, and filling in the details to compile a detailed report for the client and their bank
The valuer will then phone the client to discuss the valuation

9. What is the cost of a registered valuation?

The cost of a valuation is dependent on the type of property, and its location
when you phone to arrange the valuation, the valuer will be able to quote, or give you an indication of the cost to complete the valuation

10. What is the difference between a registered valuation and a council rating assessment, sometimes referred to as GV?

A registered valuation prepared by a Registered Valuer, will provide a current market value as at a specific date (usually the date of inspection).
A council rating assessment is completed every three years, to determine the property's value at a specific point in time, to enable the council rates to be assessed. A council rating value does not take account of chattels in their assessment.

11. How can I use my valuation report when buying a property?

It is best to arrange a valuation before putting in an offer on a property you wish to buy, or make sure that your sale and purchase agreement is subject to a registered valuation. The valuer can then highlight any issues associated with the property which may affect your decision to go ahead with the purchase.
The valuation can be used in the negotiation process.

12. How can I use my valuation report when selling a property?

A registered valuation will reassure you that the property is realistically priced before listing the sale
The valuer may offer some suggestions which may help you to maximise the sale price

13. What can I do if I am not happy with a Registered Valuation?

A registered valuation is the considered professional opinion of the Registered Valuer. If you have any concerns, then you should in the first instance discuss them directly with the valuer involved. Usually most issues can be sorted out at this stage.
A second opinion can be sought from another Registered Valuer
If you are still not satisfied, the the Valuers Registration Board administers complaints regarding Registered Valuers.