Depreciation Reports: What You Need to Know
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It is a useful tool for strata councils when it comes to budgeting for capital projects and it also gives transparency for owners and buyers on the building. Below is a preview of our infographic on the steps to take when considering on obtaining a depreciation report.
1. Know what the Strata Property Act requires.
All strata corporations are required to obtain a depreciation report. However, a strata may waive this requirement by a 3/4 vote at a general meeting
2. Gather owner feedback.
Owners should have opportunities to ask questions and discuss the uses and benefits of a depreciation report.
Information sessions or discussions at general meetings are great ways to get owners together review the top.