DEPRECIATION REPORTS

Our Certified Reserve Planner will ensure all of your depreciation report requirements are met. Our depreciation reports are a financial document that informs a strata corporation of projected, maintenance, repair, and replacement costs of its common property and assets over a 30 year time span. The depreciation report also helps strata lot owners to protect their homes and investments and provides valuable information to prospective purchasers, mortgagors, as well as insurance providers. The BC Strata Property Act requires the completion of depreciation reports.

THE BENEFITS OF A STRATA DEPRECIATION REPORT

• Prolonged property life expectancy through preventative maintenance;
• Financial stability –  ensures sufficient funding for future capital expenditures;
• Maximize market value by giving buyers confidence in the strata’s financial position;
• Confidence to set equitable and reliable strata fees;
• Return on investment through identifying depreciable items and maximizing the savings your strata can achieve.

 

REPLACEMENT COST ESTIMATES

A replacement cost estimate, also known as an insurance appraisal, is an estimate of the cost to construct, at current prices as of the effective appraisal date, a substitute for the building and site improvements being appraised using modern materials and current standards, design, and layout.  It includes an allowance for demolition and removal of the building and a contingency and can include an allowance for bylaw and development conformity (changes to land use controls since the building was originally constructed). 

This type of appraisal is specifically conducted for insurance functions to ensure accurate and adequate insurance coverage.  Our appraisals will provide your strata with peace of mind that it is not under-insured and at risk and not over-insured and paying unnecessary premiums.