Depreciation Report – A Reserve Fund Study
Strata Compliance Made Simple
At North Capital Appraisals, we simplify strata compliance with our Certified Reserve Fund Planners offering comprehensive Depreciation Reports. Mandated by the Strata Property Act in British Columbia, our reports are essential for long-term planning and financial security. In addition to Strata Corporations, other individuals who could benefit from Depreciation Reports are religious congregations, charitable organizations, investors, and municipalities.
What Is a Depreciation Report?
A depreciation report is a detailed document prepared by Certified Reserve Fund Planners. This report provides an assessment of the anticipated future repair, maintenance, and replacement costs for common property elements within a property. The report's main goal is to aid in long-term planning for maintaining common property features like buildings, roofs, plumbing, and shared spaces.
Key Benefits
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Long-Term Planning: Plan for future maintenance costs, ensuring funds are available before the bill arrives.
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Informed Decision-Making: Our reports will help you make decisions on budgets, fees, and reserves.
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Saving Money: Proactive repairs will prevent larger losses from deferred maintenance and preventable damage.
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Happy Strata Owners: Reduces the risk of emergency assessments with a solid plan and budget in place.
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Transparency and Accountability: Fosters transparency, accountability, and trust within the strata community.
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Communication: Serves as a communication tool among strata councils, property managers, and strata lot owners.
Secure Your Strata's Future
Ensure the satisfaction of strata residents with our comprehensive plans, minimizing the likelihood of sudden, disruptive emergency assessments. Contact us today to get a comprehensive Functional Depreciation Report from our Certified Reserve Fund Planners. If an insurance appraisal is also needed, we offer a discounted rate upon request.