If you have ever owned property that is part of a Strata association, such as a condo or townhouse, you will be well acquainted with the depreciation report, a document that many of us see prior to making a purchase and throughout our subsequent journey as a Strata homeowner.  A depreciation report, also known as a reserve fund study, is a detailed document prepared by a professional, such as an engineer or a qualified reserve fund planner, which outlines the anticipated future repair and replacement costs within a property or community.

Typically, a physical inspection of the entire property is performed and key areas are assessed, such as the building structure, windows, balconies, parking lot, elevators, roofing, electrical system, etc.  Estimations are then made of how much longer each of these areas is expected to perform efficiently before repairs or replacements are necessary, and then cost projections are presented.  The report helps property owners and managers plan and budget for these expenses over time, ensuring adequate funds are set aside to maintain the property’s value and functionality.  Not only is a depreciation report essential so that key financial decisions can be made well in advance, it also provides a solid planning schedule for a building.  Depreciation report writing is one of the many services that BC Building Science offers, so give us a call and let’s get started on yours!