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.
Vin knows buying a home is one of the biggest purchases of your life, and being able to provide honest, knowledgeable support aimed at making you more confident in your purchase is what good home inspection is about. From the first phone call, Vin is committed to open, accurate and educated reporting to make the process less stressful for you, and to ensure you know exactly what you are getting with your purchase.
Vin’s credentials include:
Consumer Protection BC Home Inspector Licence #78731 • Commercial Building Inspection (Carson Dunlop Weldon & Associates Ltd Canada) • Qualified Home Inspector with Carson Dunlop Canada • Higher National Certificate with Commendation in Building Surveying (Inspection), UK (Greenwich University London) • Diploma in Home Inspection from the Awarding Body for the Built Environment (ABBE) Level 4 (Highest Level), UK • Qualified Domestic Energy Assessor with the National Home Energy Rating (NHER), UK • City and Guilds in Electrical Engineering Parts 1 & 2, UK
With over 30 years’ experience as a qualified building professional Vin brings ongoing experience, expertise and sound advice to Okanagan Home Inspection sector. And, like Lloyd, he’s always just a phone call away.
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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