Property Appraisal vs Registered Valuation: Which Do You Need?

In New Zealand, the terms "appraisal" and "valuation" are often used interchangeably, but they serve different purposes and carry different weight. Understanding the distinction can save you time and money.

Market Appraisal (Free)

A market appraisal, also called a comparative market analysis (CMA), is provided by a licensed real estate agent. It's an estimate of what your property might sell for based on recent comparable sales, market conditions, and the agent's local expertise. It's free, has no legal standing, and is perfect for homeowners who want to understand their property's current worth.

Registered Valuation (Paid)

A registered valuation is conducted by a qualified, registered valuer and results in a formal written report. This carries legal weight and is required for specific purposes including bank mortgage approvals, relationship property settlements, deceased estate administration, and insurance assessments. Costs typically range from $400 to $800 for a standard residential property.

When a Free Appraisal Is Enough

For most homeowners considering selling, wanting to understand their equity position, or simply curious about their property's value, a free market appraisal provides the information they need without any cost.

When You Need a Registered Valuation

Banks typically require a registered valuation for mortgage lending. You'll also need one for legal matters, insurance disputes, or if you're buying a property and want independent verification of its value.

Start With a Free Appraisal

Begin by understanding your property's market position with a free appraisal from OnlineAppraisal.co.nz. If you subsequently need a registered valuation, your agent can recommend qualified valuers in your area.