WHAT WE ARE

Henderson & Butt Appraisal Consultants conducts Reserve Fund Studies for the condominium market. We offer other important real estate consulting and appraising services related to condominiums and multi-family properties, as well. Henderson & Butt Appraisal Consultants is located in Edmonton, and we provide our services throughout Alberta and other parts of Western Canada. Our experienced consultants are insured and licensed professionals with many years of experience in this dynamic field.

WHO WE SERVE

Our clients come from a wide variety of stakeholders, and Henderson & Butt has the flexibility and experience to meet the specialized needs of each.

• PROPERTY MANAGERS

Generally, property managers know their buildings better than anyone else. We recognize this, and strive to work with property managers to create Reserve Fund Studies that are realistic, meet the needs of the residents, and fit budget requirements as closely as possible.
• CONDOMINIUM BOARDS

Reserve Fund Studies exist to preserve and protect the property and its value. We also realize that the Board and the people they represent call their property Home, and so our Reserve Fund Studies offer sound protection while keeping contributions realistic and reasonable. We are willing to consult with Boards to explain and discuss options.
• INVESTMENT COMPANIES

In today's real estate market, more and more property holding companies are choosing to convert and divest themselves of some of their multi-family portfolio. We have experience in conducting Reserve Fund Studies on portfolios of properties. Henderson & Butt is ready and able to handle larger volume clients with precision, speed, and cost effectiveness.
• CONVERSION ENTREPRENEURS

Henderson & Butt has conducted Reserve Fund Studies for a number of entrepreneurs who are converting apartment buildings to condominium units. We are sensitive to the needs of this type of client, for whom closing dates are crucial and every day can represent a holding cost. We can conduct Reserve Fund Studies quickly and efficiently. Our Studies have been well received by lending institutions and similar entities.
• REAL ESTATE AGENTS

We understand how real estate agents fit into the picture with conversions. Our Reserve Funds are prepared in a timely manner that will fit within the project timeline.

WHAT WE DO

• RESERVE FUND STUDIES

What are they?
Reserve Fund Studies are long-range plans intended to ensure that when major replacements and repairs of building components need to be done, the funding will be there. Based on current costs and forecasted future costs, a 25-year funding strategy is put in place to meet future costs. In this way, Reserve Funds are similar to the idea of pension funds.

Who needs them?
Every condominium corporation that isn't operated solely as a rental property needs a Reserve Fund Study by legislation in many provinces. In Alberta, the governing legislation is the Condominium Property Act. Boards of brand new buildings have two years to have it completed.

Those who intend to convert existing apartments into condominium units will need the Reserve Fund Study prior to sale of units and, in many cases, as a prerequisite for lending institutions.

How often?
In Alberta, Reserve Fund Studies must be updated every five years.

• APPRAISAL OF CONDOMINIUMS

Often, lending institutions will require appraisals of all the units within a building when it is converted. Henderson & Butt is experienced in conducting volume unit appraisals for conversion projects, and our appraisals are accepted by virtually all financial institutions.

WHY CHOOSE US?

C-Division offers expertise and professionalism. We strive to offer a product that is realistic, reliable, and effective. As mentioned above, we serve a variety of stakeholders with a variety of specialized needs, and have been successful in meeting them. Let us bring our experience to bear for your reserve fund needs.

CONTACT INFO

• Shey Ergil, MBA, B.Sc

Direct Line (780) 442-6636
Email shey@hbappraisal.com
• Colin J Butt
  Direct Line (780)486-4757
  Email colin.hendersonandbutt@shaw.ca

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