Budgeting for Deck and Balcony Maintenance in Washington Condominiums In Washington state, decks and balconies are a significant expense for condominium associations. Proper maintenance is crucial to avoid costly future repairs and replacements. We have found that decks and balconies are an area of significant expense particulair if the association has not been doing regular [...]
Regular Deck Inspections in Condominiums Condominium living offers a unique blend of comfort and convenience, with shared amenities like decks or balconies creating a sense of community. However, these outdoor spaces also come with inherent risks, particularly when it comes to structural integrity and safety. That's why regular deck / balcony inspections by qualified professionals [...]
Lies Contractors Tell your condominium or homeowners association Washington state homeowners are expected to spend an average of $8,822 on repairs and renovations for their homes in 2023. This is according to a recent survey by HomeAdvisor, a marketplace for home improvement services. For a 30 unit condominium thats over $260,000, which is a significant [...]
7 reasons to not ignore your condominium reserve study: Deferred maintenance: Without a reserve study, it can be difficult to budget for and plan for major repairs and replacements. This can lead to deferred maintenance, which can cause the condition of the condominium/ homeowner complex to deteriorate over time. Special assessments: If the condominium/ [...]
Aging Infrastructure in Condominium Complexes The Surfside Condominium collapse continues to resonate through the industry sounding the alarm about the health of building's infrastructure. Many boards are still operating in the dark underfunding reserves in the hopes that we won't have a failure. Other boards feel comfortable in having $100,000 plus in reserves that they [...]
We frequently get questions from board members on why certain assets not included. What assets are most likely to be excluded? The general rule is if a component (assets) has a life greater than 30 years its outside the scope of the study. For example, natural gas piping has a life of 50 years [...]
What is the Fannie Mae 'unavailable condo and co-op list'? Did you know condo associations can land on the list if it has violations related to structural or mechanical repairs that need to be completed? Imagine a Pacific Northwest condo association that certain lenders won’t touch: It could be a nightmare situation for a buyer, [...]
Key takeaway: A structural integrity reserve study (SIRS) is a non-invasive, visual inspection of critical infrastructure that relates to the safety of a building. Washington's Condominium Act does not require structural or engineering inspections currently but its very possible that with Florida changing its requirements after the Surfside Condominium collapse that could change. However Fannie May [...]
Simply put, a Capital Needs Assessment (CNA) is a road map to understanding the life expectancy and cost of major items needed to maintain a property. Many public funding sources require non-profit organizations to have CNA's to prove they have the funds to maintain the properties they have. Our inspectors focus on providing a detailed [...]
What is the Lifespan of a Condominium Reserve Study? Today we have client associations who only sign up for us to do a single reserve study and then we don't hear from them for years. The board make think it is being conservative but in reality they are operating using old data as a guideline. [...]
