FAQs

-What is the value of the property now, and what is its projected value over 30 years? All buildings require maintenance and replacement of some components. The report will provide a plan for repair, maintenance and replacement of common property and assets.

-Depreciation Reports need to be completed every 3 years, unless the member of strata council (of over 4 units) hold a special vote. Ask us about details of the benefits and costs of regular Reports

-Financial Forecasting is an essential part of each Depreciation Report. Strata corporation members can then budget the necessary upkeep. 3 different cash flow funding models are used

-In other provinces, Reserve Fund Studies is the term used for Depreciation Reports.

-Errors and Omissions Insurance: The high value of the properties being inspected for Depreciation Reports means that very expensive mistakes are possible.

-If an inspector’s insurance is low, then the cost of oversights and errors become serious issues for the Strata Corporation.

-With E & O Insurance, Focus Strata Consulting is covered, bringing high confidence to the Strata Corporation so the owner’s risk is greatly reduced.

-“Limit To Liability” is the amount the inspector is insured. With a possible $50,000 error, the insurance provides coverage so the Strata Corporation isn’t liable.

-Recommendations on whether a property should be purchased. That is a decision between buyer and seller. The Inspector provides a detailed to guide the decision-makers by using highly detailed review of all the important components of a property .

-4 or less units
-or 75% of owners can vote to be exempt. This vote needs to take place every 3 years to continue to be exempted.

-A qualified professional with Errors and Omissions Insurance. Often these are engineers, architects or qualified Reserve Fund Analyst’s like Steve Banfield of Focus Strata Consulting Services

-Qualified individuals may be members of the Strata Corporation, and on the Strata Council.

  • If the expertise is “in-house” then there needs to be excellent communications and process so the report that is prepared has real value to the owners
  • Carpets & Flooring
  • Drywall
  • Electrical
  • Electrical
  • Elevators
  • Exterior
  • Heating
  • Insulation
  • Interior
  • Meeting room
  • Painting
  • Parkade & Roadways
  • Plumbing
  • Property Outside the Building
  • Recreational rooms
  • Roofing
  • Structure