As a building owner, you are responsible for ensuring your building is safe and in good condition. Whether you are using resources to review your building and learn where repairs are needed or to pay for ongoing maintenance, it’s important to manage your funds well to meet all your building’s needs.
With financial planning, you can have peace of mind that your building’s needs will be met. Here are a few ways financial planning can help:
- Anticipate Future Repairs- You can’t always tell when an area or system in your building will need repairs. If an unexpected problem arises, the last thing you want is to discover you don’t have the money to address it. Financial planning can help you set aside money for unfortunate surprises, so you won’t have to panic in the moment.
- Determine the Size of Your Budget- When creating a budget, you can’t just set aside a large amount of money and call it a day. It’s important to carefully consider the cost of regular building maintenance as well as all the systems that may need repairs at some point to figure out how large or small your budget should be in a given year.
- Identify Where to Allocate Capital- Financial planning helps you consider what the best use of your budget is. This ensures there is enough for your building’s most pressing needs and prevents expenses that may not be necessary at that point in time.
To learn more about financial planning as a building owner, contact us at Belanger Engineering. We conduct building review and financial planning projects in Toronto, Ontario and other areas.