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By Marlyn Hawkins, Esq.


   


Washington State Statutes


        


        


        


      


Unexpected Expenditures


             


        


        


       


Things To Consider


By Christian Gorry, PE I have been captivated by the concept of mental models since reading Daniel Kahneman’s Thinking, Fast and Slow, and I am convinced that, when employed intentionally, mental models improve the decision-making process.


While considering your next capital improvement project, these two mental models may prove to be especially helpful:  Begin with the end in mind.  


Imagine a property built in 1965, predominantly clad with its original  window replacement with a new   building’s thermal and water-resistive performance. But is this enough to trigger a once in a decade of capital expenditure? To meet the threshold of capital improvement, an expenditure must add value to your property and not just maintain it. Does your project qualify? Beginning with the end in mind means that you have considered the fact that spending x will result in an annual energy cost savings of y.


How about the building aesthetic? Changes to building codes mean that  architectural element of the building, may no longer be viable. Architectural rendering programs today are powerful, almost universally available, and allow you to imagine several possibilities before committing to the project.


The principle of inversion calls us to imagine our project is complete and did not go well. We ask ourselves  possibilities such as delayed window orders, hidden structural damage, and unhappy homeowners who preferred the old system. Would any of these change your decision to move ahead? Ideally, this is a brainstorming exercise among board members with varied skill sets. Only after considering many possibilities can you then consider their probabilities and whether or not these risks are acceptable.


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