Residential Property Valuations
Residential valuations
- the value of the land and its improvements,
- its state of maintenance,
- desirability,
- accessibility and location relative to shopping centres, schools, medical facilities, major nodes and arteries,
- other factors
Here are a few examples of residential properties:
- Stand-alone houses
- High, mid and low-rise apartments
- Townhouses
- Semi-detached houses
- Duplexes, etc.
Mirfin’s certified valuers conduct comprehensive residential properties valuations to ensure that your property is accurately valued on the market. Learn more
Reasons for a market price valuation of a residential property
People obtain market price valuation reports for many different reasons, such as:
- Making an informed marketing, buying or rental decision.
- Appropriating a deceased estate.
- Determining fair compensation for land expropriation under the Land Restitution Act.
- Dealing with legal settlements, e.g. divorce cases.
- Contesting municipal rates and taxes.
- Submitting tax declarations.
- Establishing an auction reserve price.
- Preparing a corporate take-over or merger.
- Winding up an insolvency.
Replacement cost vs market price
Many people still insure their residential property for its assumed market value or its purchase price, but the replacement cost is NOT the market value of a property.
An estate agent cannot determine the replacement cost of your property. Only an experienced and qualified valuer will be able to conduct an accurate and professional valuation.
A property’s replacement value is determined based on what it would cost to demolish and reconstruct the building in the case of total destruction, while the market value is the cost at which the property will sell for on the open market.
Read more: Why it is wrong to insure the market value of your home | Property Market Value vs Property Replacement Cost
Why choose Mirfin for your residential property valuation?
Best price guarantee
We will beat any price for the same service offering.
20 years
We are industry pioneers and industry leaders for over 20 years.
600 000
600 000+ homeowners, property managers, insurers, brokers & attorneys assisted annually.
98% service coverage
Our certified valuers are situated in the densely populated areas of Johannesburg, Pretoria, Cape Town, Durban, Bloemfontein, Port Elizabeth, East London and Mossel Bay.
R160 billion
Properties, buildings and contents worth more than R160 billion valued annually.
Frequently asked questions
Many factors determine the market price of a property. To get an accurate market value, an experienced valuer will have to physically visit and inspect your site.
Mirfin provides a professional valuation report that will help to strengthen your negotiation leverage on the market.
Only a qualified valuer can give you a professional estimation of what your property is worth and he/she will have to visit your property to conduct a thorough valuation.
If cost is a major concern or in the event that the property is inaccessible, we offer a significant price reduction on our Mirfin Desktop Valuations, where a rough indication of market value will suffice. Click here to learn more.
Although there are many assumptions of what a professional valuation costs, it can be quite affordable.
Our low price guarantee is one of the many benefits that Mirfin has to offer. Click here to learn more.
Here is what constitutes as a quality valuation report:
- Executive summary
- Property details
- Description of property
- Description of buildings
- Risk & maintenance observations
- Cost calculation
- Analysis of comparable sales
- Analysis of comparable rentals
- Calculation of income capitalisation
- Photographs of the property
- Supporting documents (e.g. map of micro- and macro-location, building plans, diagrams, title deed information, etc.)
- Explanatory information (glossary, valuation methods, etc.)
Three methods can be used to estimate the market value of a property:
- Cost Approach – values a property based on what it would cost to build the property today, while taking into consideration the depreciation of various factors.
- Income Capitalisation Approach – values a property based on the income stream that it generates or could potentially generate.
- Comparable Sales Approach – analyzing recent comparable sales of similar properties in the general vicinity of the subject property.
The Comparable Sales Approach is the method that usually applies to single family homes and land. The valuer will choose which approach – or combination of them – would be best suited to determine the market value, depending on the property’s location and intended use.
Learn more about Mirfin’s property valuation methods here.
Our valuers have over 100 years of combined experience and they are situated in the dense areas of all nine provinces across South Africa: Gauteng, Eastern Cape, KwaZulu-Natal, North West, Mpumalanga, Northern Cape, Limpopo and Free State.