Frequently Asked Questions
1. Why do I need a valuation?
There are several reasons why you may need a registered valuation. Most commonly anytime you buy (or sell) real estate you will need a registered valuation to find out the value of your property, this is because you might be applying for finance to purchase a property. A registered valuer provides an unbiased and objective view of what the property would sell for (at the date of inspection) and the security it provides to the lender. We also provide a wide range of other valuation services such as insurance and rental valuations.
2. Why can’t I just get a real estate agent to tell me the value of the property?
Real estate agents can provide you with an appraisal, but this is not a registered valuation. To obtain a registered valuation of a property, that meets the banks or other lending institutions requirements, a Registered Valuer who holds an Annual Practising Certificate must carry out the valuation.
3. How long does it take to get a valuation?
There is a general process that is followed when undertaking a valuation. You can refer to our section on the valuation process for further information on how we go about assessing your property from start to finish.
Generally we allow four business days from date of acceptance. As always, we are happy to discuss your individual requirements. If you have an urgent request we will do our best to meet your timeframe, however for a shorter turnaround a fee is incurred as per our fee schedule on our website.
4. Can you help with a “Total Replacement Cost” or “Sum Insured” valuation?
Yes. Wilson Hurst Property Valuations (Wellington) Limited are qualified and experienced in preparing insurance valuations on residential, commercial and industrial properties.
To understand the value of your property, you need to know what it is worth and what it would cost to replace. The Canterbury earthquakes showed us all how important adequate insurance cover is. We recommend having your property reassessed following any major works or renovations as well as every two years to allow for fluctuations in building costs and processes.
5. How much does a registered valuation cost?
Every property is different, and we suggest getting in contact with one of our valuers to discuss your requirements to get an accurate quote for your particular property. Alternatively, for your convenience we have a fees schedule on our website to give you an indication of costs. Prior to starting any valuation we will always provide an estimate or quote.
6. Do you value commercial property?
Wilson Hurst Property Valuations (Wellington) Limited provides valuation services for all types of property including commercial and industrial properties.
7. Can you tell me how much rent I should be paying?
Yes, our valuers have extensive experience in providing market rental valuations / assessments to landlord and tenants. When it comes to new lease agreements or negotiating lease renewals this can be helpful.
8. Can you tell me how much rent I should be charging?
Yes. We understand the value of your investment and will ensure that returns on your property are optimised. Our valuers have extensive experience in providing market rental valuations / assessments to landlords for both residential and commercial properties.
10. Are you on the “Bank Panel” i.e. Corelogic and Valocity bank ordering system?
Yes, Wilson Hurst Property Valuations (Wellington) Limited is an approved valuation company for both Corelogic and Valocity bank ordering systems, and are also on the panel for all major banks and lending institutions on most property types.
11. Who does my Valuation need to be addressed to?
Depending on what the valuation is for, below is generally who each valuation is addressed to:
- Finance / First Mortgage Purposes: Lender (i.e. bank or financial institution).
- Sale Purposes: The owner.
- Matrimonial Purposes: Lawyer / Solicitor.
- Trust Purposes: Typically to the Trust or Solicitor.
- Tax Purposes: Accountant.
12. What is the valuation process?
Depending on whether you require a registered valuation for a residential or commercial property the process and timeframe can change. However, generally the process of valuing a standard residential property is as follows:
- The client will contact the valuer and provide the address of the property and the purpose of the valuation. For valuations through Corelogic / Valocity the valuer will be given all relevant details to arrange an inspection to undertake the valuation.
- With the information provided, the valuer will use our property information database to get an understanding of the property’s characteristics, location, and use this to provide you with a quote / fee and time it will take to complete the valuation.
- Confirmation of the request, Terms of Engagement, including fee will be emailed to the client.
- An inspection time is arranged by the Valuer.
- The inspection of the property will include external measurement of the dwelling (including other building or improvements), and an internal inspection. The valuer will also take pictures of both the inside and outside of the property. For a standard dwelling this will normally take between 20 – 40 minutes.
- The valuer researches and views recent property sales within the area – this includes driving by the properties that have sold, looking at marketing pictures, speaking to the selling agents and analysing these sales.
- The valuer obtains a copy of the Record of Title and identify any registered interests on the title that may / may not be detrimental to the value of the property, research the zone and District Plan restrictions / requirements, location and other relevant information that will be included in the report.
- The valuation report is reviewed and finalised, generally within 4 business days from date of acceptance, and uploaded to Corelogic / Valocity or emailed to the client.
This is an example of the process only. If you would like to discuss any other valuation types, or require further information, please contact one of the Wilson Hurst Property Valuations (Wellington) Limited team.