On December 31, as we bid farewell to 2013 and welcomed 2014, the familiar tune of Old Lang Syne barely masked the collective sigh (or was it a groan?), from BC strata owners as depreciation reports became mandatory.
For those readers who habitually nod off at the thought of reading a strata document, or are unfamiliar with the term depreciation report, here’s my Coles Notes version:
Put simply, a depreciation report is a document that lists the physical assets (roofs, boilers etc.) of your building, and describes everything that must be replaced or maintained, including the cost of doing so, for the next 30 years. The report must be updated every 3 years.
Aside from being helpful to potential buyers, depreciation reports are important for current owners as well. Reading your depreciation report reduces the risk of being blindsided by unforeseen expenses and help you plan for the future.
Depreciation reports should be easily accessible to owners, that’s where MiCasa really shines.
MiCasa makes it easy for owners to access depreciation reports. MiCasa stores depreciation reports securely, and in accordance with the BC Strata Property Act. MiCasa will even notify owners when depreciation reports are updated, every 3 years.
Accessing Your Building’s Depreciation Report
Once your property manager or strata council has uploaded the depreciation report to MiCasa, it can be found by selecting the ‘Documents’ tab, then selecting the ‘Reports’ folder. For security sake, you’ll need to be logged into MiCasa to access your strata documents.
Property managers and strata councils can find instructions on uploading documents to MiCasa here.
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Written by Mathew Peake
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