Whether you decide to sell your property and what you do next may depend on how much money you could get if you sell. Finding out how much your property is worth in the current market is a good place to start.
Rating value (RV)
The RV of your property is the value the local council uses to determine rates payable on the property. It is not necessarily the market value, but it is one of the values a buyer may use to assess the value of a property.
Your local council will send you an updated rating value (RV) for your property every few years when it is reviewed. You can get a copy of the latest RV notice from the council. Depending on the date of the last review, the RV may not reflect the current market value. Market values can change quickly, for example, if the area is re-zoned by the local council. The RV may not reflect any recent improvements you’ve made, especially if these improvements haven’t required council consent. You can request an urgent RV review from the council.
You can get an idea of property sale prices in your area online. Some of these website services are free, but they may not be up to date with the most recent sales. Local sales are a helpful indication of property values in your area, but you'll need to take into account the condition of a property and that any special features will likely differ from those of your property.
Current market appraisal
A real estate agent will assess the current market value of your property before presenting an appraisal and proposal for you to consider. An appraisal should be based on a visit to the property to assess its condition. The agent should also compare your property to similar local properties which have sold recently. The proposal will explain the services the agent can provide and the agent’s thoughts on how to market your property. If an agent provides you with an appraisal, you do not have to then use their services. You may like to speak to a few different agents to find the right agent for your needs and to compare their proposals.
Read about selling your property with an agent here.
You can ask a registered valuer to provide you with a valuation. This service comes at a cost (the price will vary depending on the level of detail). The valuation will take into account (among other things) sales in your area, the type of property you have, its features and what your house is made of.
Registered property valuers are qualified and experienced in property valuation. They will know their local real estate market and will be knowledgeable about building methods, materials and legislation.
Find a registered property valuer on the Property Institute (PINZ)(external link) website.