Why you need a depreciation report for your strata property

With more awareness occurring about the amendments to the British Columbia Strata Property Act concerning depreciation reports, a common question most Owners and Council Members are asking themselves is:

“Should we proceed with a ¾ Vote and exempt from obtaining a depreciation report for our strata property?”

Owners in a Strata Corporation need to look beyond the cost of obtaining such a report and focus on the fact that these reports will be essential and beneficial tool not only for future planning, but for future buyers and financial institutions to consider the risks when purchasing a unit.

Living in a Strata Corporation where all Owners can not only afford their mortgage payments, strata fees, but potential special levies in relation to capital expenditures that are not covered by monthly strata fees and Contingency Reserve Fund contributions will ultimately benefit all those who are members of the Strata Corporation by ensuring property maintenance and renewal occurs.

Without such a report, it will difficult for Owners to sell their units as the cost of future capital expenditures will be unknown.  It will also be difficult for future buyers to assess the actual value of the property.

Contact Ascent Real Estate Management Corporation for help with your property maintenance in Greater Vancouver

Ascent Real Estate Management Corporation has been helping strata corporations with professional, responsive and legally sound strata management services in Burnaby and Greater Vancouver for more than 33 years. Contact Ascent Real Estate Management Corporation at 604-431-1800 for more information.

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