Effective in 2011, the British Columbia Strata Property Act requires a report to be made regarding the costs for the repairs of the strata assets. A “Qualified Person” is needed to create a certified contingency reserve fund containing all the costs of future works in the form of a payment plan for the next 30 years. More specifically, this document is a list of the assets where the analyst evaluates and assess the condition and estimates the replacement dates by anticipating the maintenance, repair and replacement.
The value of the strata property is influenced by how well the property and building is maintained.
All strata councils must have contingency reserve funds that will be used to pay for common expenses that may emerge. These costs can include repairing the roof, windows, the exterior cladding, road re-pavement, structural restoration for garages and balconies, etc.
These reports represent the basis of the financial planning for the future for a strata complex. Being equipped with an accurate, detailed report means the strata council can make informed decisions and comply with provincial laws. The contributions to the contingency reserve funds are approved by the majority of the owners, on an annual basis.
Depreciation reports are of great importance both for existing owners and prospective buyers. Having a quality report can increase or decrease the property value. As for the buyer, his decision will be influenced by the financial planning or the lack of it.
Call us or fill out our inspection request form
Our 4-5 hour inspection looks at 1,500+ points
We’ll take you on a walk-through of the property and to describe our findings
You’ll receive a detailed, private report with our findings
Lloyd Kenzle is a certified analyst with full accreditation as per ASTTBC Home and Property Inspectors.
Our role consists of issuing depreciation reports and a contingency reserve fund report that will determine the anticipated maintenance, repair and replacement costs for the next 30 years. This report will also be the basis of the strata council’s financial planning for that period of time.
The Strata will receive a complete visual review of the property in order to help the Strata council plan and organize future costs. The strata will have a clear idea of what significant expenses to expect and an estimate of when these expenses will occur.
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“Today I made a phone call to Loyd with my concerns about possible mold in my apartment, feeling that my health may be at risk. Loyd was able to answer my call promptly and able to answer all of my questions and offer affordable solutions to my concerns. Thank you for the knowledge you have shared Loyd and for the help & direction you gave to me today. Greatly appreciated!”
~ Sincerely, Debra C. of Vernon BC