Long-Range Planning Helps Boards Avoid Sticker Shock

The sheer size and stature of buildings can give the impression that these structures are indestructible. However, this is not remotely true.

Just like our bodies, cars and machines, a building’s structure can also be compromised over time. When this happens, it may become a threat to residents and nearby buildings.  

It is therefore essential for property managers to ensure that their buildings meet the desired safety standards. As such the building should undergo regular maintenance as well as periodic restorations. 

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Why You Should Have Your Building Surveyed 

Every once in a while, your building may require repair works on certain sections. Such repairs are usually a short term fix, or maybe prompted by unexpected damage to the building.

Depending on the condition of your building, it may not require having a lot of restorative work done on it in as long as 20 or more years. This may be good news, but it also comes with its challenges. Such restorations are often expensive, and may run to the tune of millions of dollars depending on the size of the building and the scope of work. 

Rather than wait till restoration becomes a necessity to keep your building standing, property managers should hire engineering firms to conduct regular building surveys. These surveys have both short term and long term benefits, including: 

  • Any areas where the structure of your building is compromised will be identified early and corrective measures applied before further damage occurs
  • It gives you a clear picture of when the building may need restoration and possible costs involved.

With adequate information on the current state of the building and future needs, planning for repairs and restoration will be easy.

Build a Reserve for Restoring Your Building Overtime

Ensuring that your building remains in peak condition is all a matter of planning. To begin with, you should contract an engineering firm to conduct periodic inspections. This will help you avoid unforeseen danger. Ensure that you factor in the long term needs even as you take care of your building’s short term needs.

Depending on the size of your building and projected cost of restoration, property owners should start saving on an annual basis. If your projected cost of restoration is $ 1 million, with the uplift due in twenty years, you are advised to start saving $ 50,000 annually.

If you start saving early, you will avoid the hassle of raising funds in one go. This is in fact one of the main reasons why most building owners are unable to have their buildings restored. 

Bottom line:

Though building restorations can be expensive, they are a necessity. Repairs and maintenance only resolve issues for a short period. Relying on them in the long run is even more expensive than restoring your building. This is because more repairs will be needed frequently as time goes by.

However, to get the most out of the restoration process, you are advised to only hire experienced and reliable contractors.