Parsing building reports and strata minutes can help avoid future pitfalls, such as special assessments and levies, or worse.
Strata minutes
David Fairbairn, of Fairbairn Inspection Services, says to beware of euphemisms like “water escape” and “water ingress” and “egress.” When a building is 20 to 30 years old, roofs, patios, and piping usually need to be replaced or at least checked. “If you’re not seeing those things being done and there’s next to no money in the contingency fund, that’s setting up for a big levy down the road for the buyer.”Outstanding complaints against specific owners could impact the mortgage application, Campbell says.
“It’s not the end-all-be-all,” Campbell said. “But you’d want to see either a depreciation report or engineering report from the last 10 years, at a bare minimum. If that isn’t there that would be a pretty big red flag.” The home inspector recommends checking to see if the report was produced by a company with engineering experience. In B.C. you don’t need engineering experience to produce a depreciation report.” The B.C. government website states: “Stratas can obtain depreciation reports from a variety of professionals,” and those who prepare the report need to state their qualifications. “Many people writing these reports might have done building appraisals. Don’t assume that they’re engineering reports.
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