damage such as decay behind siding, it is important that an association employ a professional building envelope consultant to review the damage and assist with determining the best course of action for repairs. It is strongly recommended that professional project management is employed any time large-scale work is done on the building envelope including siding, window, and/or roof replacement to ensure the project is bid and completed correctly.
Water damage repairs are made to quickly eliminate the problem, but they may not the problem may reoccur elsewhere in the community.
4 Poor Reporting of Costs & Projects
The association’s cost history for a project is the best predictor of future costs and the more data your
association can provide to your reserve study provider that reserve study will be. Proposals that have been obtained for projects, even if the association opted not to proceed, information your reserve study provider may use industry average costs or perform research with the association’s vendors, however, the actual cost history and/or proposals are typically the best predictors of cost.
Each time you receive your reserve study update, review the component list to ensure that the component ages and that the components funded within the study match the maintenance responsibilities within the governing documents (i.e. the study does not fund for an item that is to be billed back to the unit owner).
5 Failure to Update Regularly
State are required to update their reserve study annually. Additionally, some governing documents may require annual study updates.
Project costs have changed rapidly over the past few years.
Consult with a reserve study provider and/or legal counsel for questions on annual study update requirements for project costs, have changed rapidly over the past few years and associations which are on the borderline of being poorly funded can quickly drop into special assessment territory, therefore annual updates help provide the association to use within its budget. According to the 2020 Homeowner Satisfaction Survey published by the Foundation for Community Association Research, 60% of respondents nationally said their community has a reserve study and 75% indicated their association has a plan to fund for major repair and replacement projects.
6 Lack of Investigations
A building envelope investigation, also called a building condition assessment, is an in depth and
often intrusive investigation into the performance of the building envelope. The investigation helps determine in the construction of the building and whether hidden
The investigation helps determine whether proper were used in the construction of the building and whether
early, allowing the association to repair the damage and take measures to prevent further or more widespread
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