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PROFESSIONAL AND INDEPENDENT PROPERTY VALUATIONS

Mirfin Valuation Services (Pty) Ltd is a nationwide and independent provider of asset and property valuations, established in 2002.

We are a certified B-BBEE level 4 service provider, recognised by all major insurers and underwriters in South Africa.

Our valuations are backed by professional indemnity insurance and are reliable under scrutiny of the regulatory, judicial and taxing authorities.

OUR VALUATION SERVICES

Our countrywide property appraisals cover private homes, offices, factories, shopping centres, hotels, farms, game lodges, schools, churches and medical institutions. Mirfin is especially well known for its unrivaled sectional title insurance valuations.

With a Mirfin property valuation in hand, you will be in a position to confidently contest your municipal rates, sell or let your property, or simply enjoy the peace of mind that comes with knowing you are adequately insured.

 

Our services include: 

 

  • Market price valuations: Determine a fair market value for your property useful for all critical transactions for which it may be required.
  • Insurance valuations: Don’t get caught being underinsured or over-paying on premiums.
  • Body corporate valuations: Assist trustees and managing agents in community schemes to comply with legal requirements.
  • Content valuations: Ensure that your household and office assets are adequately covered to reduce claim complications.
  • Risk surveys: Knowing your risk profile will give you the power to negotiate a lower premium with your insurer.

 

Get an instant quote online within minutes.

PROFESSIONAL PROPERTY VALUERS

The Property Valuers Profession Act governs our profession and we are legally required to be registered with the South African Council for the Property Valuers Profession (SACPVP). The act makes provision for three categories of registration:

 

  1. Professional Valuer (PV - highest level of qualification)
  2. Professional Associated Valuer (PAV)
  3. Candidate Valuer (may only work under the supervision and control of a PV or PAV)

 

Our highly experienced valuers all hold a National Diploma in Real Estate / Property Valuation (as a minimum) and are certified by the South African Council for the Property Valuers Profession (SACPVP).

We adhere to the highest ethical standards and all valuations are treated with the utmost discretion and confidentiality, in accordance with our privacy policy.

 

Read: What constitutes a quality valuation?

PHYSICAL VALUATIONS VS. AUTOMATED VALUATION MODEL

The automated valuation model (AVM) is a property valuation service that applies mathematical modelling to a database to calculate a property’s value by analysing historical price movements of comparable properties.

 

While AVM valuations cost less and provide a more immediate result, this service inherently suffers some crucial disadvantages:

 

  • AVM does not take into account a property's actual condition (i.e. state of repair, renovations etc.)
  • AVM assumes an average condition which may not reflect reality
  • Often there are few comparable properties and little historical data available
  • Comparable data for newly-built properties is scarce
  • Data sources may be unreliable due to concealed incentives in recorded sales prices
  • AVM does not always reflect current market conditions as the input of transactional data often lags behind real time
  • AVM does not work well with community schemes as aspect (e.g. north-facing) and location within the scheme can have a significant effect on value
  • AVM is wholly unsuitable for replacement cost valuations as these require a physical inspection

 

Only a professional valuation can make up for the shortcomings of an AVM.

MARKET PRICE VALUATIONS

A market price valuation determines the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

Determining fair market value is helpful when buying, selling or letting a property, or when handling a deceased estate or divorce settlement.

 

Read: Why it is wrong to insure the market value of your house.

 

There are three methods in estimating the market value of a property:

 

  1. The Cost approach values a property on the basis of what it would cost to build the property today, taking into consideration the depreciation by various factors.
  2. The Income Capitalisation approach considers the value of the income stream that a property generates or could generate. This method typically applies to commercial or income-generating properties.
  3. The Comparable Sales approach entails the analysis of recent comparable sales of physically and legally similar properties in the general vicinity of the subject property. This method typically applies to single family homes and land.

 

The valuer selects which approach - or combination of them - would be most suitable for determining fair market value, depending on the location and intended use of the property.

 

Read: Market value and replacement cost: Not the same thing!

 

REPLACEMENT COST VALUATIONS

Also known as estimated new replacement cost, this determines a property's insurance value. This means the cost of replacing the building and all other permanent improvements that constitute the property - as if new - at prices applicable on the valuation date.

Permanent improvements include swimming pools, tennis courts, patios, paving, terraces, driveways, paths, septic tanks, watercourses, boundary or retaining walls, drains, gates, fences as well as water, sewerage, gas, electricity and telecommunication connections for which the owner is legally responsible.

 

Also included are the reasonable costs incurred as a result of damage. These include limiting the extent of damage, fire brigade charges, architects, quantity surveyors, consulting engineer fees, demolition, construction and complying with the requirements of any local or regional authority. Excluded are earthen walls, earthen driveways or earthen structures, plants, trees, dam walls, piers, jetties, bridges and culverts, as well as financing fees and loss of revenue, e.g. when letting the damaged property.

 

Read: How we assess a building's replacement cost

 

Replacement cost is estimated by researching the current construction cost in the locality, as construction costs can differ vastly between geographical locations. It is assumed tenders are called for from suitable contractors and impartially awarded.

 

Apart from the cost of construction, the building rate per square metre includes the cost of additional building services such as electrical installations, electronic installations and fire protection installations. The valuer will quantify costs for site improvements, demolition and rubble removal, professional fees, Value Added Tax (VAT) and any future escalation separately.

 

Read: Why the schedule of replacement values is important.

How a Mirfin Partnership Helps our Clients to Save Time

We know that portfolio managers work really hard and are always looking for ways to save time in their busy days. Fortunately, we make it our business to find new ways to simplify the tasks associated with valuations and 10-year plans.

Here are some of the ways in which a partnership with Mirfin will help portfolio managers to save time:

 

  1. Use Mirfin’s online quotation system to obtain quotes for valuations and 10-year plans. It is operational 24 hours a day, 7 days a week. No need to email or wait for a return phone call. You can even request a quote using your mobile phone!

 

  1. Not only do we send our existing customers a reminder when their next valuation is due every three years, we also provide automatic – and FREE – valuation updates for the years in between valuations. Valuation updates serve as a guideline in making an accurate adjustment to the building’s replacement value which will determine the year’s insurance premium.

 

  1. Should you prefer to get quotes for all the bodies corporate under your management in one go (instead of requesting each quote individually), please email info@mirfin.co.za to request a bulk valuations If you complete the necessary information on the sheet, we will capture all your complexes on our system on your behalf. This is really helpful at the beginning of the year and will save you a ton of time!

 

  1. Mirfin’s online dashboard allows portfolio managers and trustees to easily update their 10-year plan, reserve fund forecast, admin budget and levy contribution schedule for their AGM. This unique feature is particularly useful when the admin budget needs to be updated with actual costs as each maintenance item is ticked off the list over time.

 

Get a quote for your next insurance valuation or 10-year plan here.

 

If you’re still in any doubt about using our professional valuations service, here are some benefits of working with Mirfin:

  • Nationwide established valuations company with valuers covering every corner of South Africa.
  • Community schemes experts – including sectional title schemes, homeowners’ associations and residential estates.
  • Mirfin has professional indemnity cover of R45 million per claim, ensuring that bodies corporate - and trustees in particular - are protected if anything goes wrong as a direct consequence of our valuation service.
  • No one-pagers! Comprehensive, yet concise valuations and 10-year plans that enable implementation.

 

 

OUR COMPANY

PROFESSIONAL AND INDEPENDENT PROPERTY VALUATIONS

Mirfin Valuation Services (Pty) Ltd is a nationwide and independent provider of asset and property valuations, established in 2002.

We are a certified B-BBEE level 4 service provider, recognised by all major insurers and underwriters in South Africa.

Our valuations are backed by professional indemnity insurance and are reliable under scrutiny of the regulatory, judicial and taxing authorities.

OUR VALUATION SERVICES

Our countrywide property appraisals cover private homes, offices, factories, shopping centres, hotels, farms, game lodges, schools, churches and medical institutions. Mirfin is especially well known for its unrivaled sectional title insurance valuations.

With a Mirfin property valuation in hand, you will be in a position to confidently contest your municipal rates, sell or let your property, or simply enjoy the peace of mind that comes with knowing you are adequately insured.

 

Our services include: 

 

  • Market price valuations: Determine a fair market value for your property useful for all critical transactions for which it may be required.
  • Insurance valuations: Don’t get caught being underinsured or over-paying on premiums.
  • Body corporate valuations: Assist trustees and managing agents in community schemes to comply with legal requirements.
  • Content valuations: Ensure that your household and office assets are adequately covered to reduce claim complications.
  • Risk surveys: Knowing your risk profile will give you the power to negotiate a lower premium with your insurer.

 

Get an instant quote online within minutes.

OUR VALUERS

PROFESSIONAL PROPERTY VALUERS

The Property Valuers Profession Act governs our profession and we are legally required to be registered with the South African Council for the Property Valuers Profession (SACPVP). The act makes provision for three categories of registration:

 

  1. Professional Valuer (PV - highest level of qualification)
  2. Professional Associated Valuer (PAV)
  3. Candidate Valuer (may only work under the supervision and control of a PV or PAV)

 

Our highly experienced valuers all hold a National Diploma in Real Estate / Property Valuation (as a minimum) and are certified by the South African Council for the Property Valuers Profession (SACPVP).

We adhere to the highest ethical standards and all valuations are treated with the utmost discretion and confidentiality, in accordance with our privacy policy.

 

Read: What constitutes a quality valuation?

PHYSICAL VALUATIONS VS. AUTOMATED VALUATION MODEL

The automated valuation model (AVM) is a property valuation service that applies mathematical modelling to a database to calculate a property’s value by analysing historical price movements of comparable properties.

 

While AVM valuations cost less and provide a more immediate result, this service inherently suffers some crucial disadvantages:

 

  • AVM does not take into account a property's actual condition (i.e. state of repair, renovations etc.)
  • AVM assumes an average condition which may not reflect reality
  • Often there are few comparable properties and little historical data available
  • Comparable data for newly-built properties is scarce
  • Data sources may be unreliable due to concealed incentives in recorded sales prices
  • AVM does not always reflect current market conditions as the input of transactional data often lags behind real time
  • AVM does not work well with community schemes as aspect (e.g. north-facing) and location within the scheme can have a significant effect on value
  • AVM is wholly unsuitable for replacement cost valuations as these require a physical inspection

 

Only a professional valuation can make up for the shortcomings of an AVM.

VALUATION METHODS

MARKET PRICE VALUATIONS

A market price valuation determines the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

Determining fair market value is helpful when buying, selling or letting a property, or when handling a deceased estate or divorce settlement.

 

Read: Why it is wrong to insure the market value of your house.

 

There are three methods in estimating the market value of a property:

 

  1. The Cost approach values a property on the basis of what it would cost to build the property today, taking into consideration the depreciation by various factors.
  2. The Income Capitalisation approach considers the value of the income stream that a property generates or could generate. This method typically applies to commercial or income-generating properties.
  3. The Comparable Sales approach entails the analysis of recent comparable sales of physically and legally similar properties in the general vicinity of the subject property. This method typically applies to single family homes and land.

 

The valuer selects which approach - or combination of them - would be most suitable for determining fair market value, depending on the location and intended use of the property.

 

Read: Market value and replacement cost: Not the same thing!

 

REPLACEMENT COST VALUATIONS

Also known as estimated new replacement cost, this determines a property's insurance value. This means the cost of replacing the building and all other permanent improvements that constitute the property - as if new - at prices applicable on the valuation date.

Permanent improvements include swimming pools, tennis courts, patios, paving, terraces, driveways, paths, septic tanks, watercourses, boundary or retaining walls, drains, gates, fences as well as water, sewerage, gas, electricity and telecommunication connections for which the owner is legally responsible.

 

Also included are the reasonable costs incurred as a result of damage. These include limiting the extent of damage, fire brigade charges, architects, quantity surveyors, consulting engineer fees, demolition, construction and complying with the requirements of any local or regional authority. Excluded are earthen walls, earthen driveways or earthen structures, plants, trees, dam walls, piers, jetties, bridges and culverts, as well as financing fees and loss of revenue, e.g. when letting the damaged property.

 

Read: How we assess a building's replacement cost

 

Replacement cost is estimated by researching the current construction cost in the locality, as construction costs can differ vastly between geographical locations. It is assumed tenders are called for from suitable contractors and impartially awarded.

 

Apart from the cost of construction, the building rate per square metre includes the cost of additional building services such as electrical installations, electronic installations and fire protection installations. The valuer will quantify costs for site improvements, demolition and rubble removal, professional fees, Value Added Tax (VAT) and any future escalation separately.

 

Read: Why the schedule of replacement values is important.

WHY US

How a Mirfin Partnership Helps our Clients to Save Time

We know that portfolio managers work really hard and are always looking for ways to save time in their busy days. Fortunately, we make it our business to find new ways to simplify the tasks associated with valuations and 10-year plans.

Here are some of the ways in which a partnership with Mirfin will help portfolio managers to save time:

 

  1. Use Mirfin’s online quotation system to obtain quotes for valuations and 10-year plans. It is operational 24 hours a day, 7 days a week. No need to email or wait for a return phone call. You can even request a quote using your mobile phone!

 

  1. Not only do we send our existing customers a reminder when their next valuation is due every three years, we also provide automatic – and FREE – valuation updates for the years in between valuations. Valuation updates serve as a guideline in making an accurate adjustment to the building’s replacement value which will determine the year’s insurance premium.

 

  1. Should you prefer to get quotes for all the bodies corporate under your management in one go (instead of requesting each quote individually), please email info@mirfin.co.za to request a bulk valuations If you complete the necessary information on the sheet, we will capture all your complexes on our system on your behalf. This is really helpful at the beginning of the year and will save you a ton of time!

 

  1. Mirfin’s online dashboard allows portfolio managers and trustees to easily update their 10-year plan, reserve fund forecast, admin budget and levy contribution schedule for their AGM. This unique feature is particularly useful when the admin budget needs to be updated with actual costs as each maintenance item is ticked off the list over time.

 

Get a quote for your next insurance valuation or 10-year plan here.

 

If you’re still in any doubt about using our professional valuations service, here are some benefits of working with Mirfin:

  • Nationwide established valuations company with valuers covering every corner of South Africa.
  • Community schemes experts – including sectional title schemes, homeowners’ associations and residential estates.
  • Mirfin has professional indemnity cover of R45 million per claim, ensuring that bodies corporate - and trustees in particular - are protected if anything goes wrong as a direct consequence of our valuation service.
  • No one-pagers! Comprehensive, yet concise valuations and 10-year plans that enable implementation.