The Condominium Act mandates that every condominium corporation must conduct a reserve fund study. For new construction, the study must take place within the first year after the condominium registration. Thereafter, a study must be conducted according to a time frame set by the provincial guidelines (for example, every five years in Alberta and every three years in Ontario). reserve fund studies Edmonton consultants ensure condominium corporations in Edmonton, Alberta meet the requirements as set forth by the Act.
Edmonton reserve fund studies are not all equal. Different consultants have different levels of experience, different philosophies, and different reporting methods. Since the reserve fund study is an integral part of condominium management and a vital tool to prevent deferred maintenance or costly special assessments, how do you determine which study providers are right for your Corporation? Different reporting styles do not necessarily mean one method is inferior over another. There are several key ways you can find a consultant for your study.
1. Reputation: Reserve fund studies Edmonton consultants that have good reputations are well known in the industry. The old adage of bad news travelling faster than good news is true. When a Corporation is dissatisfied with the service it receives, the Corporation will be vocal with its displeasure. If you are searching for reserve fund studies Edmonton consultants, talk to Corporations that have similar condominium complexes and find out which consultant(s) they used. Then ask the Study provider(s) of your choice for references.
2. Experience: Reserve fund study consultants that have been conducting studies for a longer period of time will have a better knowledge of the different systems included in the study. Components vary based on the age of the building, the style of the building (townhouse, high rise, etc.), and past repairs/replacements. The longer the consultants have been in business, the more variety they will have seen and dealt with. If you are interested in newer reserved fund studies Edmonton companies, ask about the experience and background of their inspectors. Teams made up of inspectors with prior experience can compensate for the company that has just entered the reserve fund studies Edmonton market.
3. Comfort Level: Reserve fund studies Edmonton consultants will have a very direct and lasting impact on your building. They will determine which components and systems need to be replaced and when. This means significant costs that must be carefully worked into long range budgets. Trust between both parties is essential. If you feel uncomfortable working with a particular company or feel they do not respond to your concerns or questions in a timely or appropriate manner, seek the services of another company. However, bear in mind that it can be difficult to be objective when thousands of dollars are at stake. Keep an open mind and carefully read their sample studies before you enter into a contract so you know what to expect from your study provider of choice.
Reserve fund studies Edmonton providers benefit the Edmonton’s condominium corporations, the Boards, the buildings and the tenants. Choose wisely and all those involved will reap the benefits for years to come.