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June 3, 2025 By: Oaksproperty
Evaluate your property wisely
Do you know how much your property is worth? Getting your property valuation right is essential for buyers and sellers alike, especially in a dynamic real estate market like Auckland. It can help you make informed decisions about renovating or refinancing.
Property valuation determines the present property value as professionals asses the property on specifications. Location, size, condition, interest rates, rentals, demand, amenities, recent sales of similar properties in the area and market trends are key factors.
Accurate valuations help set fair selling prices, secure loans, assess tax liability and more. You will neither overpay for a property nor undersell that you own.
Different types of valuation
It's crucial to know different methods of valuation and to take the responsibility of choosing the one that best suits your needs:
Real estate valuation:
Different tools are available online that can offer property estimates based on recent sales data and market trends. They are a good place to start, but they are not comprehensive.
Government valuation or rateable value:
Your property's rateable value (RV) is available with your local council or website. RV is a guideline, primarily for property taxes, and might not reflect the present market value of your property.
Registered valuation
Hire a registered valuer for an accurate valuation. The person will thoroughly inspect the property and give you a comprehensive report on its value. This helps with significant investment decisions.
Other methods include:
Income method: Rental properties help calculate their value based on the income they generate. The valuation involves assessing the rental income and subtracting expenses to determine its net operating income.
Cost method: Here, the value is based on the cost of rebuilding the property, including the land price and the cost of constructing a similar building.
Every valuation method has pros and cons, so choose the more suitable method after extensive research. It's worth noting that even artificial intelligence can now assist with property valuation, using large datasets to estimate property values. With so many factors in play, consider using one or a combination of these methods to assess your property's value wisely.
Need to assess your property's worth accurately?
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