Getting registered valuations...any suggestions?

[ourquest]

We would like to have registered valuations done in order to increase our potential borrowings against (improved) property, and the best way to achieve this is to find a valuer who is trusted by lenders and who values high!

There are some other possibilities, such as requesting that RV's be revalued, for example, but basically we need a document that the bank will recognise.

Has anyone been through this process and can anyone recommend any valuers in the greater Wellington area?

Thanks!

PS: Note that RV (rating valuation) is not the same as a registered valuation.

[M-Squared]

I've not heard of the type of valuation you're looking for. Buyers know that the RV is a rough guess, and is only used for council rates purposes. The lower the RV, the lower the rates!

When was your RV last done? Porirua City ones are due to be released in November this year and are done every 3 years. We have a contract on a house that is higher than its RV and we're happy with that as the kitchen and carpet have been replaced since the RV was last done in 2007.

Personally I wouldn't worry too much about it. Slap a price on the thing and let your agent explain why it's higher than RV.

[ourquest]

Personally I wouldn't worry too much about it. Slap a price on the thing and let your agent explain why it's higher than RV.

No it's not about selling a property...it's about finding equity in it as a result of improvements made. Equity found in this way allows you to borrow (usually) 80% of the additional equity from your lender (bank) assuming you have the ability to service the loan. This additional borrowing is then used as a deposit against an additional property. If the property you are buying is cash positive, then the more you can borrow to fund it the better, hence wanting the registered valuation to be as high as reasonably possible (as not all valuers will put the same figure on the same asset).

RV is, as you've noted, reviewed by the council every three years or so, and exists purely in determination of rates, and as such is only a guideline to value (and is not the same as a registered valuation). If I was to sell though, I would also request a revaluation of RV so that the perceived value of the property is higher (assuming that the new RV is higher), but this would only be marginally useful in finding equity in existing property as far as the bank is concerned. The bank will want a registered valuation.

PS. I probably wouldn't trust an agent to adequately explain anything, but that is only my opinion based on a perceived history of coincidental incompetence!

[Jo Jo]

We had a registered valuation done on our house by a surveyor when we re-mortgaged. Unfortunately, I can't for the life of me think where I've put the documents, and I can't remember what company we used, but sorting out my paperwork is high on my to do list for today, so if I come across the documents I'll post the details of the company, in case that helps.

[Jo Jo]

OK, I've found the papers now. Our bank required our valuation to be done by a registered valuer. i.e. a member of the Property Institute of NZ. The company we used is based in the Waikato only, as far as I can tell, so I can't help you with a recommendation, but you can search for registered valuers on the PINZ website here. Our valuation cost just under $600 including GST.

[folubode]

we recently used www.qv.co.nz desktop registered valuation that you process online and get a pdf file copy of the report and forward it to your bank. it's about 39.95 or so and our bank used it. though they didn't give high value that we expected but they gave a range that is reasonable and acceptable by the bank - BNZ

[victoria24]

any registered valuation will be fine and must be addressed to the bank

[ralf-nz]

we recently used www.qv.co.nz desktop registered valuation that you process online and get a pdf file copy of the report and forward it to your bank. it's about 39.95 or so and our bank used it. though they didn't give high value that we expected but they gave a range that is reasonable and acceptable by the bank - BNZ

The more detailed the quote the higher the percentage. That is what I was told some months ago.

[ourquest]

The more detailed the quote the higher the percentage. That is what I was told some months ago.

Thanks to all so far with your comments.
@ralf-nz...when you refer to percentage, what do you mean exactly?
Thanks.

[ralf-nz]

Thanks to all so far with your comments.
@ralf-nz...when you refer to percentage, what do you mean exactly?
Thanks.

Several months ago I got the following information; actual figures are fictive!:
1. value of house based on "too old" valuation = 300,000; possible mortgage 60%;
> 0.60 * 300,000 = 180,000 maximum mortgage
2. value of house based on "on line" valuation = 290,000; possible mortgage 80%;
> 0.80 * 290,000 = 232,000 maximum mortgage
3. value of house based on "on site" valuation 280,000; possible mortgage 90%;
> 0.90 * 280,000 = 252,000 maximum mortgage

By purpose I put a decline in the value of the house "to paper" which is - more than - compensated by the rise of percentages.