A friend told us how they cleaned their home top to bottom to prepare for the Bank inspection for their Mortgage renewal. They wanted to make the best impression to get favourable terms. When you live in a Strata your banker not only looks at the inside of your home, the part you own, but they look at the structure and condition of your building, the part you don’t own.
The Bank’s inspector will likely look at the Depreciation Report that a Strata must file every three years. The question is whether this report will help you or not. Depreciation Reports are mandatory and it’s often tempting for a Strata Council to choose the lowest bid when required (e.g. for maintenance work) if they see this as only an annoying compliance thing. This is unfortunate.
We created Predictive Analysis to provide valuable information that goes beyond simple compliance to a Government requirement. The depreciation report is an as-is report on the building. From a building’s physical status, it doesn’t look into the future. Predictive analysis uses a combination of inspection, infra-red technology, and specifically designed structural systems databases to predict the financial plan needed to keep the building healthy for the long term. The long term matters a lot to a banker offering a 25 year mortgage.
A first time strata buyer shared with us that the Predictive Analysis provided by the Strata Council, specifically the detailed long term plan to keep the building in optimal condition, gave him peace of mind to proceed with the purchase. Peace of mind is what you want your banker to feel when they look at your mortgage.
