In this episode, Jason Dunn, Senior Project Engineer with RDH discusses the importance of a depreciation report as a planning tool for stratas.
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Over 1.5 million people live in strata housing in the Province of British Columbia.
Let's face it, you'd rather watch reruns of the nightly news than read the Strata Property Act (And we can't blame you) Still, most people are at a loss when it comes to understanding such an important framework for how many of us live our lives in proximity with one another.
🎙 Stratagize with Brent Anderson & James Milne features conversations with industry leaders and experts who share their knowledge to demystify an industry that impacts the lives of more than 1 out of 3 British Columbians.
Whether you are a council member, owner, investor, or renter, if you're looking for content that will bring value to your strata and help you get to the next level… THIS is it!
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🚨 STRATA TIP:
For buildings with shared common areas, (ie: towers & condos) inspect your make up air unit on your roof to ensure that replacement fan motor belts are not being stored there.
MAIN TAKEAWAYS:
🛠 Depreciation reports are a planning tool used to establish priorities and long term expectations.
🛠 Source an organization that reports to a governing body to prepare your report.
🛠 Findings of depreciation reports do not have to be implemented. The report does not mandate work.
🛠 30-50% funded should be the goal for most stratas
QUOTES:
💬 “It’s possible we could see the 3 year term for depreciation reports change in the future.”
MYTH VS FACT 🦄
"A depreciation report mandates work to take place"
(MYTH) A depreciation report is a planning tool. Highlights needs and potential timelines for renewal. Up to the owners to take the next step.
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