Our depreciation reports are compiled by a diverse team of highly qualified professionals that includes Professional Engineers, Certified Reserve Planners, Building Technologists, and Financial Planners. By allowing each professional to concentrate in their area of expertise, we are able to produce depreciation reports that exceed all industry standards, are reader friendly, and are very competitively priced.
A properly implemented high quality depreciation report will allow Strata Corporations to maximize their resources, not only by allowing them to accurately plan for future expenses, but also by increasing the value of their property.
A Depreciation Report is a comprehensive outline of expected repairs and improvements of Strata’s common property.
Depreciation reports are meant to help Strata Corporations budget for future expenditures, as well as to keep strata owners and potential buyers informed of the condition of the property.
The current legislation in British Columbia broadly defines a “qualified person” and may include Engineers, Architects, Reserve Planners, and Real Estate Appraisers. It is difficult to imagine one individual with all the expertise required to prepare a Depreciation Report. It may also be risky, given the role of a Depreciation Report, to place the full burden on one individual.
Financial Stability – depreciation reports help strata corporations predict and plan for future expenditures and maintenance.
Prolonged Property Life Expectancy – the depreciation report provides information that allows owners to practice preventative maintenance.
Buying, Selling and Insuring – in many cases, banks and insurance company’s require a depreciation report prior to approving financing or insuring a property.
Informed Owners – accessible information regarding the condition of the property.
Depreciation Reports are compiled using information extracted from documentation, such as financial statements, Strata Council and AGM minutes, and building plans; however, they are mostly built from findings obtained during the on-site inspection. All of our Depreciation Report inspections are performed by professional engineers specializing in building science, including Building Envelope Consulting, Structural, Mechanical, and Geotechnical Engineering.
To assure the highest quality and accuracy, we go above and beyond the Strata Property Act by having our on-site Depreciation Report inspections performed by professional engineers. Our depreciation Reports contain detailed funding strategies, cost estimates, maintenance schedules, and five funding models that are optimized for financial return to help develop a practical financial plan to meet future funding needs.
We work with Strata Corporations to ensure their budgets are accurately portraying their reality.
I’m very pleased with Strata Engineering and their work. I find their reports to be very easy to read and understand even for the average strata member.