Not all shared residential communities hire property management firms to facilitate all the components necessary to keep the property running smoothly and in the black.
Especially in the case of smaller communities, the condominium association will manage these tasks in-house. This can be daunting task for board members, who volunteer and are voted to serve by the other association members – usually without compensation.
The greatest responsibility facing a condominium association board is to manage the budget. Making wise decisions with the money that is collected from the members is not something condominium board members take lightly. These funds are set aside in a reserve account. Prioritizing the maintenance and anticipated building repairs over an extended period of time is an important factor in the association’s task of managing budgets and remaining financially solvent.
Team Engineering can be a valuable asset to condominium associations in the area of Capital Reserve Studies. In order to avoid sudden (and often costly) building repairs, our engineers will perform a thorough inspection of all the common areas which the condominium board is responsible to maintain. With this information, Team Engineering will then create a cost projection analysis so the condominium association can budget for the future.
Real solutions now. If there is a repair needed, our architects and structural engineers can create a repair design to remedy the problem. With this blueprint, the condo association is then able to obtain consistent quotes from contractors to fix it. We can also help condominium associations stay in the black by making recommendations to improve the energy efficiency of the buildings.
Team Engineering partners with condominium associations as an advocate in legal matters, too. When a new building is under construction, the costs of that unit are managed by the general contractor. Once construction is completed, the condominium association must take ownership of the budgetary responsibilities for that building. Team Engineering can assist in this process with a transition study – a pre-purchase inspection that ensures that the general contractor has completed everything to specification.
At Team Engineering, we admire condominium associations who endeavor to remain accountable to their members and protect their common investment.