Phung Horwood has extensive experience providing reliable and thorough market value appraisals and consulting services for a number of different types of properties including:
*Commercial cash flow buildings (industrial / retail / office / medical)
*Apartment and Townhome Complexes
*Proposed Developments (As if complete)
Our Market Value Appraisals and Consulting Services are used for numerous functions and purposes including:
*Estate and Probate Valuations
*Development Viability Assessment
*Property Tax Assessment Appeals
*Marital litigation and Settlement
*Expropriation and Partial Takings
Insurance appraisals are necessary to estimate the current replacement cost of a property to assist in securing the appropriate amount of insurance.
Phung Horwood ensures an accurate valuation of improvements to protect clients from over or under insured assets.
Insurance valuations require the appraiser to have knowledge and understanding related to demolition costs, construction methods and costs and bylaw upgrade requirements.
Our appraisers have extensive experience and knowledge in completing this type of appraisal and are able to complete your report in a timely and comprehensive manner.
All of our Insurance appraisals include:
*Replacement Cost New;
*Site Improvement Costs; *Demolition and Debris Removal Costs; and
*Discussion of potential Bylaw deficiencies.
A Depreciation Report (Reserve Fund Study) is first and foremost a financial planning process that is intended to analyze, assess and plan the funding for Contingency Reserves.
The purpose of this analysis is to identify the funding needs within the Contingency Reserve Fund, in order to make recommendations to ensure that sufficient funding is available for future repairs and replacement of the common building elements or assets of a Strata Corporation.
The Institute of Real Estate Studies defines a Depreciation Report (Reserve Fund Study) as a plan for the “provision of resources for major repairs and replacements of building components and improvements, or common elements, over time to ensure adequate funding of all future capital expenditures when required.”
An effective Depreciation Report (Reserve Fund Study) should:
Identify and analyze all common reserve components, providing:
*A full description;
*The expected life-span;
*The current observed physical condition;
*The current effective age, in terms of physical deterioration and functional obsolescence;
*Any details of repair histories and expenditures; and
*An estimate of the remaining years of useful life
Provide a financial analysis on a component by component basis, including:
*The estimated current replacement cost;
*A projection of the future replacement cost at applicable long term inflation rates; and
*A projection of the future reserve requirements compounded and based upon long term interest rates
Provide a recommended funding model, which if adhered to, will result in sufficient funds to cover all future reserve fund expenditures.
In B.C. two alternative funding models must also be included.