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Why not obtain a free valuation elsewhere?

Some players in the property market offer free valuations but some of them may have hidden agendas and unfortunately cannot be relied upon to be unbiased.

Certified and registered valuers (such as Mirfin) perform valuations for a living and have no vested interest in providing anything but an independent and objective valuation of your property.  

What is an electronic valuation or Automated Valuation Model (AVM)?

Automated valuation model (AVM) is a property valuation service that applies mathematical modelling to a database and calculates the property’s value by analysing historical price movements of comparable properties.


While AVM valuations cost less and provides more immediate results than a physical valuation by a professional, 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 on community living 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.

How much does a Mirfin valuation cost?

To receive a written quotation of our fees, please click on the FREE QUOTATION button and provide us with the required property details.

I have submitted the online order form - what happens next?

Upon submitting the online order form you will receive our order confirmation and tax invoice.

Once your payment has been verified, one of our property valuers or asset surveyors will contact you within two working days to arrange a survey appointment.

Once the survey is concluded the data is transmitted to our processing centre where a comprehensive report is compiled. The completed report will be emailed to you in PDF format.  

Do I get a tax invoice?

Your tax invoice will be sent to you with your order confirmation, once you have submitted the online order form.

Is the cost of a valuation tax deductible?

Yes, as it will constitute an expense in your tax return.

How long will I wait for the valuation results?

The turnaround time depends on the size of the project but in general, our property valuation report will be emailed to you within four to seven working days from the date of inspection.

A building contents valuation takes approximately 15 to 20 working days to complete.

How long does a Mirfin valuation remain valid?

It’s generally safe to say that a valuation will retain its validity for three months, subject to the volatility of the property and construction markets.        

Is Mirfin 100% independent?

Yes! We are not contracted to, nor affiliated with, any financial institution - Mirfin is completely impartial.

Where is Mirfin's head office located?

Mirfin is based in Pretoria.

Who pays for a valuation?

The valuation requestor normally pays for the valuation. However, some insurance brokers or underwriters may offer to bear or share the fee.

Will the valuation report be kept confidential?

In accordance with our privacy policy, Mirfin guarantees that no information pertaining to our clients and their valuation reports shall be divulged to any third parties.

Any third parties seeking information or a copy of the valuation report shall be referred to the valuation requestor.

Is Mirfin limited to valuing residential properties only?

Mirfin is not restricted to residential properties only - we also provide valuations and surveys on commercial, industrial and agricultural properties.

What is the difference between market price and replacement cost?

Replacement cost refers to the actual cost to replace a structure at its pre-loss condition, including the cost of demolition, rubble removal, architectural services, land surveyors and additional building services.

Market value is defined as the price at which a property should exchange hands between a willing seller and a willing buyer in an arms-length transaction after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

Read our blog on this topic: Market value and replacement cost - not the same thing!

What is the difference between a "valuation" and an "evaluation"?

A valuation is performed to determine an asset's financial worth or economic value.

An evaluation is an opinion or judgment based on the analysis of the attributes or performance of an asset or person.

Valuer or valuator, what is correct?

Both terms are correct but we use “valuer“.

Where can I find the Sectional Title Schemes Management (STSM) Act No. 8 of 2011

Click here to download a copy of the STSM Regulations.

Read our blog titled 'What the Sectional Title law says about valuations'

How does a professional valuation help to speed up the sales process?

A property priced on the strength of a professional valuation will attract significantly less buyer resistance. This means that the time span between marketing a property and obtaining a signed offer to purchase can be reduced considerably.

Over-priced properties will take a long time to sell, if they sell at all. Properties that remain unsold for a long period of time will eventually become stigmatised as potential buyers may become suspicious of the property, resulting in a below market value sale.

How does a professional valuation improve my negotiating position?

With a market price valuation in hand the seller will have the peace of mind to grant a sole mandate to your preferred estate agent and strengthen your negotiating leverage with the estate agent. It puts you in charge! Put your estate agent to the test by asking them to support their sales promise with a professional Mirfin valuation.          

A replacement cost valuation can be useful in negotiating exclusion of the average clause from the insurance policy.

What is the capitalisation rate (cap rate)?

The capitalisation rate is the ratio between the net operating income produced by an asset and its capital cost (the original price paid to buy the asset) or alternatively, the asset’s current market value. Cap rate = annual net operating income / cost (or value).

The capitalisation rate is best determined by referencing market transactions of comparable properties as it is based on information derived from market analysis.

The main influences of the capitalisation rate are interest rate and risk This means the higher the interest rate and the higher the risk, the better the return an investor will require.The risk inherent to income producing properties reflects the degree of certainty that the expected income will be realised.

What is Forced Sale Value (FSV)?

The term 'forced sale' is used when a property owner is under compulsion to sell without being allowed the time normally required to successfully market a property.

The selling price achieved under these circumstances depends upon the nature of the pressure on the seller and the reasons proper marketing cannot be undertaken.

The FSV cannot realistically be determined unless the nature of - and the reason for - the constraints on the seller are known. As a rule of thumb, the FSV is assumed to be around 70% of the market value.

Does a Mirfin valuation warrant an accurate reflection of the market value of my property?

Yes, all Mirfin valuations are market-related and will assist you in obtaining a home loan from any major lending institution.

What is averaging?

In the event of an insurance claim, the insurer may exercise its right to reduce the claim payout by the percentage by which the appointed loss adjuster has found the asset to be underinsured.

Example: when a building is insured for R800 000 and the appointed loss adjuster finds it to have a replacement value of R1 000 000, the insured is considered underinsured by 20%. The payout on any reasonable claim submitted will then be reduced by 20% before the excess amount is deducted.

This practice is known as averaging, based on the Average Clause contained in the insurance policy and it applies to all reasonable claims submitted. This way insurers protect themselves against underinsurance.

With a valid professional valuation in hand, you will enjoy full claim recovery in the event of loss or damage to your property.

Read our blog on this topic: How the lack of an insurance valuation leads to averaging.

Why insure my building for its replacement value and not for its market value?

The market value of a building is determined by those who want to purchase the building but this is seldom a reflection of the actual cost to construct the building.

Should that building suffer total destruction, it would need to be rebuilt from scratch and for this purpose one would have to insure it for the actual cost of demolition, rubble removal, professional services, building costs and additional building services, as well as the inflation of costs from policy inception.


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

What does a Mirfin valuation entail?

Our market price valuation is fully motivated, taking into consideration recent comparable sales prices, the cost of construction, depreciation, as well as the capitalisation rate for income-generating properties.


Our replacement cost valuation comprises a detailed description of the buildings with potential insurance risks and maintenance issues pointed out. An itemised calculation of replacement cost along with photographs of the property and its improvements. We specialise in sectional title properties and our reports for bodies corporate include a detailed schedule of replacement values.


Our contents valuation lists all assets per room or area with a brief description, reflecting the current replacement value and source of pricing. Each asset is individually photographed, serving as proof of ownership and condition at the time of survey. A property risk survey report is also included in this service.


Our risk survey covers all aspects of security, fire protection, electrical compliance, gas installations, thatch risk, lightning protection and natural hazards. Vehicle insurability surveys are also available.

How long will I wait for my report?

The typical turnaround time for a property valuation and risk survey is four to seven working days from the date of inspection and ten working days for content valuations. This depends on the location and extent of the property,

What is a desktop valuation?

A valuation without a physical site inspection or a valuation based upon the limited information that is publicly available is regarded as a desktop valuation.The valuer does not need to leave his desk to compile the valuation.

The most compelling reason to obtain a desktop valuation is the cost savings. However, the major drawbacks of such valuations are that they are based on assumptions and that they are not covered by professional indemnity insurance.


Read our blog: How to budget for a valuation and compare quotations.

Can Mirfin use an existing maintenance plan (completed by another supplier) to draw up a new 10-year plan or do we start from scratch?

Generally yes, but it depends on the format and quality of the existing 10-year plan.

What do we charge for a 10-year maintenance plan?

It depends on the size and location of the scheme. On average between R2 200 and R4000 plus VAT.


Please visit https://mirfin.co.za/get-a-quote to obtain a free quotation.

How long does it take to complete a 10-year plan?

The completed 10-year plan will be submitted to you within 4 - 7 working days from the date of survey.

Does your maintenance plan include photographs?

Yes, the report will include a number of photographs of all structures and observed maintenance issues.

Does Mirfin’s maintenance plan take existing maintenance issues into consideration?

Our 10-year plan will cover all maintenance issues, apparent at the time of our site inspection, as well as any issues communicated to us beforehand or while our valuer was on site.

If a 10-year maintenance plan was done in 2017, where in the 10-year cycle is the best time to renew the plan or must the plan be updated every year?

It is important to note that the maintenance plan operates as a rolling 10-year plan, i.e. in year two of the plan, the scheme still needs to present a plan that covers 10 years which means that they will add an additional year to the plan (year 11, if you like). This is repeated where an additional year is added to the plan every year so the plan always covers 10 years.


By law, the 10-year maintenance plan must be updated, at the very least, once a year for approval at the AGM but it is prudent to update the 10-year plan regularly to reflect any recently completed maintenance tasks and its costs.

Do you need to future-value the 10-year maintenance plan to include an inflation-linked adjustment or it is at current values?

Yes, you need to plan for escalations in cost over time.

The purpose of the 10-year maintenance plan is to provide a basis for the 10-year reserve fund budget which will determine the levies.

Mirfin’s online maintenance planning tool does all of this automatically.

How does Mirfin obtain realistic estimated costs for the identified item/s on the 10-year plan?

We do an estimate based on our professional experience and the latest industry resources, but the onus remains on the body corporate to obtain quotes from specialist contractors and update the dashboard accordingly.

What if the body corporate doesn’t have many major capital items to list on the 10-year plan as the building is still new?

The building will age and assets will fail; you don’t want to be caught out of pocket when that happens.


It’s important to plan your maintenance reserves from day one. As it’s a rolling, 10-year plan, you will need to start saving now for those capital expenses that you might incur further down the line.


Read this blog for more information: Why the capital maintenance budget plays a critical role in the 10-year plan.

What are examples of capital maintenance items that must be included on the 10-year plan aside from painting and refurbishing a swimming pool?

Examples of capital maintenance items include exterior painting, waterproofing, lifts, roofs, swimming pools, intercom systems, boundary walls, and paving and driveways to name a few.


Read this blog for more information: Why the capital maintenance budget plays a critical role in the 10-year plan.

How are members of the scheme involved in the decision-making process of the 10-year maintenance plan in practice?

They are involved at the AGM where they need to approve the 10-year maintenance plan.

Scheme members get to view, comment on and approve the latest version of the plan at the AGM which will determine their reserve fund levies for the next 12 months.

Can Mirfin’s fee (to complete the 10-year plan) be charged to the reserve fund based on the service effectively extending the life of the assets?

No, the 10-year plan is an admin fund expense.

How can a trustee gain access to the 10-year plan dashboard?

The dashboard is available to Mirfin customers via a link in the 10-year plan document supplied by Mirfin.

Do you have different levels of access to dashboard? Can some users access and view only?

Access is best granted only to those that are appointed to deal with the 10-year plan.

Can you submit your annual financial statements to you to use in compiling the 10-year maintenance plan?

Mirfin cannot assume responsibility for interpreting the financial statements and budgets accurately.

Instead, please provide the required financial parameters by clicking the link included in your order confirmation.


This information needs to be submitted by a representative of the body corporate. Not all financial details are compulsory but the more you can share with us, the more accurate our 10-year plan and reserve fund forecast will be.