When our team conducts reserve fund studies in GTA, ON, they take several steps in order to ensure a quality report.
If you own a condominium complex, you are required to have a reserve fund study completed under the Condominium Act. These studies are a tool used to determine how much funding is needed to complete needed repairs and replacements within the building as time passes.
At Belanger Engineering, we conduct reserve fund studies in the GTA, Ontario area and have been doing so since 1995. When we complete one of these studies for your location, we will provide you with a multi-year funding plan that can help you account for major capital expenditures. The information contained in these studies can prove to be helpful for both the building’s board of directors and property manager.
When our team conducts reserve fund studies, we take several steps in order to ensure a quality report. When our firm provides you with a reserve fund study, we will:
- Measure and assess the condition of all common property components
- Review the property’s bylaws, plans, and as-built drawings
- Determine what replacement costs will be for all common property components
- Review the current funding available in the reserve fund and compare it to expected expenses
- Outline several different funding scenarios
Are You Putting Off a Reserve Fund Study?
Many building owners know that they need a reserve fund to ensure that there is ample money available for capital improvements. What may be more difficult is conducting a review fund study to be sure that your long-range goals are accurate and achievable. Additionally, having a qualified team conduct this type of study may cost money, and if you’re looking to save, it may be tempting to put it off. Unfortunately, putting off the study could lead to bigger implications, including the inability to plan for capital improvements. Taking advantage of a reserve fund study at the appropriate time could save you time and money down the line.
After we conduct this study, we would be more than happy to attend a meeting with the board of directors to discuss what the report includes and answer any questions brought forward by the board’s members. To find out more about reserve fund studies and why you should allow our firm to complete one of these studies for you, contact us at Belanger Engineering today.