A stitch in time saves nine
My rental focus this week turns to larger condo associations. Landlords who rent their condos in larger condo associations are often plagued by special assessments (additional fees for maintenance and repair.) These costs get added to rental fees as time goes on. It is in the interests of would-be tenants to pay attention to whether the building is being taken care of before big-ticket repairs are needed. It is also in the interest of non-occupant owners to encourage their management to be pro-active about building exterior issues.
Mediate Management published a blog titled The 3 Biggest Deferred Maintenance Mistakes That Condominiums Make
Here is my take on their list:
I have written about deferred maintenance. It costs more, a lot more, in the long run. Mediate gets specific:
You need a maintenance plan that the association must stay devoted to…here are the 3 biggest maintenance mistakes you should try to avoid:1) Neglecting your roof until it leaks or endlessly patching to avoid a replacement
2) Neglecting your masonry and not making regular annual inspections
3) Neglecting paint and exterior wood repairs
Exterior leaks cause more damage than most people realize. A little drip can be the source of wood rot, termite or carpenter ant infestation, plaster damage and mold. Because water works its way down through whoever’s unit is below it, a condo association can waste a lot of time and money chasing down leaks, patching them, repairing the interiors, and doing it all again when the next little leak begins to show itself.
Mediate management recommends
... A proactive tip is to schedule annual inspections by your roofing vendor. They will survey the structure, clean out gutters, clear drains, and patch or repair vulnerable areas. They will also inspect and repair copper downspouts and detailing, roof flashing, and other metal finishes that may deteriorate or leak over time. Regular visits from the same vendor will become an excellent resource for planning out the expected life span of your roofing materials.
If you already have a leak and can’t seem to chase it down, a structural engineer will be your next best resource. They will pinpoint a targeted approach and can also help create a scope of work to ascertain bids from multiple vendors. That way money isn’t wasted on guesswork and a clear plan can be made. …it’s best to have a structural study performed every 5-years by an engineering firm. These envelope studies include a thorough exterior review by a structural engineer that explores each surface of your building. They will let you know areas of weakness, targeted advice for immediate repairs, and expectations over the coming years. This tool will allow your association to plan appropriately and fund future projects for re-pointing masonry or performing brownstone patches. In addition… performing an annual visual inspection each spring on window sills, dormers, siding, and any other painted surface will ensure that wood rot or decay doesn’t go unnoticed. Every Association should build a 5-year painting plan that rotates the annual maintenance and painting of the building’s exterior. This will ensure that each area is tended to and repaired as necessary, preventing a larger and more formidable project down the road that could require assessments and financing. The exterior envelope study performed every 5-years can be a good tool for planning your starting point.
Owners in larger buildings, does your association have annual inspections? Does it have a 5-year plan? What special assessments have condo owners on this blog been hit with? Could the big-ticket repair been avoided by fixing something sooner?
