Finding the Leak Like the bumper sticker says, Leaks Happen. Eventually all roofs will leak. The various available condo roof surfaces typically have different reserve fund plan expected useful lives. High slope roofs such as fiberglass composite shingles are budgeted to be replaced in 25 to 30 years while low slope roofs surfaces such as….
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Want to Avoid Unexpected Property Maintenance Costs? Hint: Plan for Your Commercial Property’s Future
Whether you are a building owner, property manager, REIT manager—or if you are questioning whether a building purchase makes financial sense—it’s important to anticipate how the property will perform over time.For retail, multi-family, office or industrial properties, the best solution is to assess, plan and budget for the future. A Capital Needs Assessment analyzes the….
Is Your Condo Breathing? Why Building Ventilation is Critical
If your condo board is planning for a re-roofing project, remind the board the project will not be a success without an in-depth consideration being given to the condition of the building ventilation under the roof. Inadequate attic venting will cause ice dams; energy loss; and moisture damage to the roof structure. Too often roof….
Masonry Myths
Addressing the Reality Since brick masonry exterior facades are supposed to have useful lives of 100 years or more, a prevalent myth is masonry facades are virtually maintenance free, needing little discussion by the condo board, and a rare cost item in reserve fund studies. In reality, masonry maintenance is discussed often with a great….
Finding the Right Contractor
Selection Process All condo or HOA boards face the task of hiring a service provider or construction contractor periodically. The final success of this effort often depends on establishing the initial selection process and following it to its conclusion. Most service contracts are routine and do not require significant planning or project management oversight. This….
Third Party Quality Assurance Construction Services
When weather penetrates a building, it can be a costly issue that compromises the functionality and habitability of the building and may eventually lead to structural issues. While there is no single tactic that will prevent water from entering a building, incorporating Third Party Quality Assurance during construction or renovation is essential for reducing the risk of….
Property Manager Responsibilities
Over the last 20 years, when things go wrong at condo complexes, I often get a call to provide solutions. Sometimes the call comes from the property manager and sometimes it is from a member of the board. Sometimes the call is from a unit owner. These types of inquiries remind me there is often confusion….
Cost Segregation Studies and Bonus Depreciation
For real estate investors and property owners, actively managing tax liability is essential in maximizing ROI. One strategy for reducing tax burdens is a Cost Segregation Study, provided by Criterium Engineers. This is often paired with Bonus Depreciation. When combined, these tools allow property owners to accelerate tax deductions, improving cash flow and boosting profitability. What is….
Where Does Danger Lurk?
Most Common Areas of Concern As a member of the board or the property manager, what element of the condo complex poses the greatest danger to the unit owners and liability to the association? Slips and falls during the icy season? Decks collapsing from rot? Electrical fires? Well, if you picked “decks,” you are almost….
Safety – A New Reserve Fund Focus
Reserve Study Guidelines Are you aware of the significant changes in the Community Association Institute (CAI)’s recommendations for best practices in future reserve fund studies? If you are not, you are not alone. In July 2023, the Foundation for Community Association Research published its Best Practices – Community Association Maintenance manual. Let me explain why this 68-….