Depreciation Reports
In recent years, many Strata Corporations in British Columbia have prepared a Depreciation Report (also known as a Capital Reserve Fund Study) to provide a periodic assessment of the building systems (cladding, mechanical, electrical, plumbing & heating, fire, common areas etc..) and to also estimate financial requirements for the Strata Corporation over a 20-30 year period.
As of December 13, 2011, a Depreciation Report is now a mandatory function of Strata Corporations in the Province of British Columbia. (reference - British Columbia Strata Property Amendment Act 2009).
Due to the wealth of experience of our field consultants & engineering staff, Aqua-Coast is well positioned to provide independent & accurate analysis of your buildings systems. Due to our wealth of experience in both New Construction & Existing Building Remediation, Aqua-Coast can provide realistic financial forecasts to help both the Strata Council and Property Manager maintain the value of your asset by providing you with an independent depreciation report.
An Aqua-Coast Depreciation Report will include the following:
- A physical component inventory and evaluation, which will include a description and estimated service life over 30 years of items that comprise the common property, the common assets, and those parts of a strata lot, that the strata corporation is responsible to maintain or repair under the act.
These items may include the following:- Building Structure
- Building exterior - including roofs, roof decks, doors, windows, and skylights (if applicable)
- Building systems - including electrical, heating, plumbing, fire protection, and security systems
- Common amenities and facilities
- Parking facilities and roadways
- Utilities - including water and sewage
- Landscaping
- Common areas and interior finishes (including hallways)
- Balconies and patios
- Green building components (if applicable)
- A summary of repairs and maintenance work for common expenses
- A financial forecast section (complete with budget) that will estimate the financial requirements for the Strata Corporation (for the above noted common assets) over a 30 year period.
If you have any questions, or would like to request a quote for your building(s), please contact Aqua-Coast at main@aqua-coast.ca or 604.948.0958.