Professional fees for service are dependent on many factors such as; size, location, style (condo vs. townhome), access to original architectural drawing/engineering reports, past contractor quotes and documents on previous repairs.
The Depreciation Report renewal (required three years after the last report), concentrates on the changes since the original report. Several keys areas of evaluation include: estimating the current rate of investment returns and inflation rate, updating the current balance of the contingency reserve fund, and re-calculating the current effective date and current cost data. Additionally, the scope of the renewal will include a restructured schedule for anticipated replacements, which may involve adding or deleting items in the component list. The 30 year cash flow models and 30 year forecast are updated to reflect any changes. Regardless whether it is the initial report or subsequent reports, an on-site cursory review is required of the common area and certain limited common area property.
Our process at Kent-Macpherson is to provide a complimentary, formal proposal to the strata council or associates acting on their behalf.