A Depreciation Report is a comprehensive study of the common physical components within a strata corporation, including an inventory and summary of all necessary renewals and maintenance for the next 30 years, plus a financial plan for the future. As buildings age there are necessary costs incurred to maintain the common property and assets of the strata corporation. A depreciation report will provide a strata corporation with the tools it needs to properly and accurately plan for the future.
These regulations will have a dynamic impact on BC's strata community, and the real estate industry. Buyers will be even better informed in the future, as they will soon be able to ask for copies of the depreciation report so they know up front what they are buying into. Mortgage providers will also want to assess risk when determining eligibility for financing.
Following amendments to the Strata Property Act, the Provicinal Government has introduced new guidelines making these reports mandatory for strata corporations in BC. Strata Corporations of less than 5 units will be exempt from the requirements, plus a strata corporation may consider exempting itself by passing a 3/4 vote resolution every 18 months.
HERE is a guide to assist consumers from the Condominium Home Owners' Association of B.C.
For additional help on what this may mean for you, visit the Condominium Home Owners' Association of BC website HERE.
The cool breezes of Autumn may bring relief from the summer heat, but for home owners, they also bring a reminder that it's time to start fixing, cleaning, and preparing for Winter weather.
If certain tasks are left undone, say the home and building inspectors from the Canadian Association of Home & Property Inspectors (CAHPI), then a home becomes increasingly vulnerable to air, moisture, and water penetration, which may eventurally cause structural problems. Whether done by the home owner or by a professional service contractor, preventative maintenance will prolong the efficiency and lifespan of a home's many components.
In addition to any obvious repairs that might be necessary, CAHPI recommends that home owners tend to the following each Fall in order to prevent minor problems from turning into major expenses.
For further information on Home Inspections, or to obtain the names of qualified home inspectors in your area, visit the website: www.cahpi.ca