Reserve fund study
The purpose of the Reserve Fund Study is to prepare a report detailing the forecasted short, medium and long term expenses in order to finance the replacement work and major renovations to maintain the integrity of the building and its main components.
The work essentially consists of inspecting and evaluating the status of the systems and common areas of the property, as regards both the external envelope (walls, windows, balconies, roof, etc.), the exposed structural components, mechanical and electrical equipment, as well as movable belongings of the co-ownership syndicate.
Note: The Civil Code of Québec requires from all syndicate of a condominium the establishment of such a fund.
The term of the Reserve Fund Study comprises the following steps:
St-Pierre & Associés supports co-ownership syndicates in establishing their reserve funds in order to have the necessary money to pay the various expenses when the useful lifetime of the components and equipment is reached.
The preventive maintenance program proposed in the maintenance manual helps ensuring that all building systems and components are well maintained according to best practices and has for main objective the reduction of early failures occurrences. In some cases, the preventive maintenance program may help increasing the effectiveness of systems and extend their useful lifespan beyond typical durations, which can result in significant savings for owners. This program provides an opportunity to the manager to be in an “active” mode rather than in a “reactive” mode.
The Maintenance Manual is essentially a reference manual of all building systems and components under owner’s or manager’s liability. It describes the required actions as well as their frequency. The maintenance log, which is an integral part of the Maintenance Manual, facilitates good building management and appropriate follow up of the maintenance duties.
Professional services provided within this mandate are detailed as follow:
A preventive maintenance program aims above all to reduce the occurrence of premature damage in order to enable equipment and components to perform their function throughout their anticipated lifetime.