What’s wrong with using the RV to value my home?

The RV is a local council assessment of the value of your property used to help determine your rates.
There are three elements to the Rateable Value. Capital Value, which is the probable value your home would have sold for (excluding chattels) on the day of the valuation. Land Value, likely selling price of the bare land on the day of valuation. And Improvement Value, the difference between the Land value and Capital value.

You can see, Capital value and market value are closely linked, but only at a point in time. The local authorities RV assessment is only conducted every three years and most NZ regions property markets are dynamic with often rapid, unexpected changes to the market that significantly impact your homes market value.
Your RV assessment is also only done through computer analysis. No-one visits your home or has a discussion with you to know that you’ve upgraded your kitchen, replaced and extended your deck, added landscaping design elements to provide more year-round living space.
So, it doesn’t consider your home improvements or whether your property is better or worse than the properties surrounding you.

A What’s Your Home Worth valuation is based on TODAY. What’s Your Home Worth valuations use comparative market data based on the current market and most recent sales in your area. So if you’re thinking of selling, or just curious as to what your home is worth, get in touch for your Free market appraisal.