News & Stories

WHAT IS A DEPRECIATION REPORT? BCBS BREAKS IT DOWN!

September 26th, 2023

By: BC Building Science

A depreciation report is a document that is typically prepared for a condominium association or Strata and is used to assist with planning future expenditures.  Using a thorough investigative strategy, the author of the report assesses the expected depreciation of a condo building’s various elements based on their age and present condition and then estimates the future costs associated with their repair and replacement.

First, a physical inspection takes place and key areas are assessed, such as the building structure, 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.  This type of detailed information ultimately gives Stratas and the condo owners an idea of how much money is going to be needed and when, therefore allowing detailed financial planning to take place.  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, ensuring that it is well taken care of.  Depreciation report writing is one of the many services that BC Building Science offers, so give us a call and let’s get started!

 

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