Market Value Reset - home becomes rental

Hello

My first time here :)
I have searched through the existing threads and didnt find the answer yet

I read in Julia Hartman's book about the "Market Value Reset" as the rule to set the Cost Base for a property that was our Home but today becomes a rental.

My question is How do we get a written Market Value 'appraisal' today ????
Is there a Surveyor that writes an Appraisal, so that we keep that document for the future when we decide to sell ???

Would this be done by a RealEstate ??

Thanks! and Sorry if this was answered before !!
Sylvia
 
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The word you want is "valuation" not "market value appraisal" :)

There's actually a lot of threads - the most 'official' way to get a valuation is to cough up a few $100 to get a valuer to value your house. If you're refinancing at the same time, the bank will value your house anyway.

Less official would be getting a real estate agent to put something in writing about what they think your house is worth, but they might get enthusiastic and give you a too-high figure ...
 
Less official would be getting a real estate agent to put something in writing about what they think your house is worth, but they might get enthusiastic and give you a too-high figure ...

If you are relying on a REA's appraisal for this purpose (I would'nt but that's me) then you actually want them to value it high when trying to ascertain the market value, as this will give you a higher cost base in which to apply cap gains tax...

Boods
 
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