It is inevitable that there will be a major project in your Condo Association. All major systems will degrade over time and eventually will need to be repaired or replaced. Examples include roofs, garages, facades, elevators, HVAC systems, fire alarms, etc. For our purposes, a “major” project will be defined as one that is paid for out of reserves and is around 10% or more of the Association’s annual revenues. These projects are also characterized by being technical in nature – they likely involve engineers and directly affect the safety and security of the building as a whole. Of course, these are all baselines – a smaller project could still be complicated and fall into this category.
This mini series will be dedicated to walking you through the process of a major project in a Condo Association and ensure that you’re positioned for successfully carrying one out. Today’s article will focus on an overview of the full life cycle, and future articles will provide a deep dive into each individual step.
This series will assume two things. The first is that you’ve identified a system needs replacement – there are a number of ways this will happen, from the system outright failing (say, an HVAC system) to testing for deterioration (say, a concrete garage). The second is that you have the money for the replacement in your reserves. I’ll come back to those topics in the future, because both are worth discussing further.
What are you waiting for? Read the full guide here!