As this year draws to a close, it’s the perfect time to begin planning for next year. And as a board member or building manager, this planning should involve a review of your reserve study.
Using The Reserve Study As A Budget and Planning Tool
You may already know that your Reserve Study is an essential budgeting tool, but experienced building managers and association members also use their Reserve Studies as planning tools for capital replacements.
As you review your reserve study for planning purposes, you’ll be looking for components, such as those listed below, with estimated remaining useful lives (ERUL) of 1-2 years.
The Process of Making Capital Replacements
While every Reserve Study is unique, if any of the following common elements have 1-2 years of remaining useful life left according to your Reserve Study, you’ll want to have a more detailed analysis performed to determine if they are in fact ready for replacement:
- Roofs
- Roads
- Retaining walls,
- Balconies,
- Parking garages,
- Pavement
- Decks
If now is the time to replace them, then the next step would be to have an engineer prepare repair/replacement specifications.
These specifications would describe the scope of the project, its materials, methodology for installing items, and related details that impact the project’s completion. In a practical sense, these specifications will give you the ability to approach the contractor selection process with a bid package that will set the project up for success and clarity.
Since there are many budgetary, regulatory, and structural considerations related to these capital replacements, this process is best navigated with an experienced team of engineers.
So, for example, if you review your condo association’s Reserve Study and find that your roof has 1-2 years of remaining useful life, you can reach out to our Kipcon team.
We’ll provide assistance with reviewing your Reserve Study, performing a more in depth analysis of your roof, drafting specifications for bidding, and soliciting bids for its replacement. Our team can also help you revise your Reserve Study to reflect the life cycle of the newly replaced roof. Our comprehensive support combined with our experience and expertise in Reserve Studies will make your process more efficient, effective, and streamlined from start to finish.
Navigate Your Capital Replacements With A Trusted, Experienced Engineering Firm
If you’re in the process of planning for the year ahead, our Kipcon team can help. You can contact us here to connect with us about your building’s capital replacements or to learn more about our Reserve Study + process.
To learn more about Reserve Studies and how to better plan for future capital replacements, be sure to contact Kipcon at (800) 828-4118 or click here!