The most comprehensive maintenance plan a community can possess is an HOA maintenance manual. Maintenance manuals are specific to the community and identify all common area components with project-specific images, provide preventive maintenance schedules and checklists for all components, and maintenance information for all manufactured products. However, regardless of how detailed the maintenance manual is, a plan without action is useless and that is why preventive maintenance programs are so vital to ensuring community success.
The maintenance program is how
you implement the information outlined in the maintenance manual. Within all HOA operating budgets there is money allocated for maintenance. By utilizing the money to implement a preventive maintenance program, the
would be $5,000 ($100,000/20 = $5,000). If you can extend the asset's actual life to 24 years through preventive maintenance, you have lowered the asset's annual cost of ownership to $4,167 ($100,000/24 = $4,167).
Second, preventive maintenance reduces the chances of unplanned or unexpected replacement of assets prior to achieving their useful lives. Using the same scenario above, if the asset failed at year 16 due to no maintenance and had to be replaced, the annual cost of ownership of the asset would increase from $5,000 to $6,250 ($100,000/16 = $6,250).
As Dwight D. Eisenhower famously said,
"planning is everything, the plan is nothing."
association is committing to the long-term success of the community, decreasing the liability of deferred maintenance, limiting the money spent on corrective maintenance, and preventing the need for special assessments. A win-win-win for the association.
There are several very important ways preventive maintenance saves HOAs money. The first, it extends the useful life of the asset, thus reducing its annual cost of ownership. For instance, if you have an asset that has a useful life of 20 years and costs $100,000 to replace - its annual cost of ownership
And last, preventive maintenance reduces liability and insurance costs by minimizing hazards throughout the community such as cracked and uneven sidewalks, loose handrails, broken light fixtures, etc. The more accidents and insurance claims that befall a
community the more insurance premiums increase. Those accidents and premiums
can only be reduced by a vigorous maintenance program.
Not only is preventive maintenance vastly more cost effective compared to deferred maintenance, but it is often less than half as expensive as corrective maintenance. It requires forethought, proactive planning, and systematic programming to properly implement a successful preventive maintenance program. It's not always easy but, then again, anything worth doing isn't easy.
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