Building maintenance is one of the most important aspects of co-ownership management. A well-maintained building guaranties the co-owners’ satisfaction and peace of mind but also preserves the property and protects the investment.
In this article, you will discover the most crucial elements in the maintenance and preservation of a co-ownership. In addition, we will present to you an efficient solution to co-ownership management, which combines all the necessary tools.
Although it might be difficult at times, co-ownership management can become pleasant and profitable when done properly.
Establish a Clear Building Maintenance Policy
The building maintenance policy must include the preparation of the building condition certificate, the maintenance logbook, the contingency fund study, and the construction financing plan.
You should hire a trained professional to prepare these documents, as they are crucial for your co-ownership management. For example, other than the construction standards, the building condition certificate contains the potential construction deficiencies and the components of your property’s health check.
These documents must be carefully prepared and must be true to the condition of the property. Only then will it be possible to verify that the contingency fund is appropriate and to determine if adjustments need to be made.
Thus, you should get acquainted with these documents, their purpose, and how they correlate with one another since they should always be up to date.
Inventory the Property’s Equipment
It is crucial to inventory the co-ownership’s structural, architectural, mechanical, and fire protection equipment. This is essential to the preventative maintenance.
Every piece of equipment should be well-maintained and has a limited lifespan, which means that they will need replacing eventually. The inventory allows you to financially plan for this, among other things.
Carry Out Preventative Maintenance and Regular Inspections of the Equipment
Preventative maintenance is crucial because it guaranties safe co-owners and secure constructions. It also avoids expensive corrective maintenance, which can cost up to five times more than the preventative maintenance.
Preventative maintenance is also the key to preserving the property’s assets and equipment. Furthermore, it protects the property against fires and structural damage.
The preventative maintenance should be carried out by a trained professional. Many co-ownerships entrust the janitor with this task; however, he or she might lack the expertise to accomplish such an important task. Forgetting to verify a specific element may lead to costly repairs.
For instance, poorly-maintained fans could overheat and create moisture problems. On the other hand, the sump pump in the elevator pit could do just the opposite if not well-maintained.
It should be emphasized that this professional needs to be aware of the current standards.
Maintain the Private Portions
According to the Civil Code of Québec, the syndicate of co-owners must maintain the building and the common portions. Nevertheless, the preservation of the property and the syndicate’s role include but are not limited to the common portions.
A flaw in a private portion might jeopardize the entire building, which is why the syndicate can maintain these portions as well. For example, if a co-owner fails to replace an old heating system, the syndicate can hire a professional to replace it.
Assess the Property and Conduct an Expert Study Anytime Defects Are Repaired
Managers and property owners often overlook defects reported by a co-owner. As soon as there is a potential defect, you should reach out to an expert.
A quick check-up could solve a problem that would have otherwise caused extensive damage to the building. These issues are usually reported by a co-owner or a building inspector.
Some property owners delay necessary repairs because of the cost, but this decision is quite risky. Co-owners must be diligent when maintaining the property to ensure the residents’ safety.
Set a Reasonable Budget and Create a Contingency Fund
When working on your financial plan, you should prepare budgets that suit your needs. They should cover foreseeable repairs and regular maintenance.
Likewise, setting up a contingency fund ensures that you can cover any unexpected expenses and repairs.
Choose Management Software to Easily Follow Deadlines and Perform Necessary Actions
As we previously mentioned, managing a co-ownership requires organization and caution. A co-ownership can be a long-term investment if you maintain it well.
To manage your co-ownerships, various platforms can help different stages of the managing process. For example, in the Condo Expert software, you can manage your finances and your accounting, plan check-ups, set up reminders and alarms, and manage your suppliers and work orders, among others.
With convenient software like Condo Expert, the property owner can save time and be more efficient, which makes this real estate investment more enjoyable and profitable.