Preparing for a Contingency Fund Study: A Practical Guide

With the arrival of Bill 16, which requires maintenance logs and contingency fund studies to be prepared by a professional who is a member of a recognized professional order, many syndicates will have to either have them prepared or update them. Here are some practical tips on what to plan ahead so you are ready for this essential step in the maintenance and management of your property.

Before the inspection

First and foremost, gather the existing documentation, such as construction plans and previous inspection reports (e.g., expert assessments, facade inspections, multi-level parking garage inspections, etc.).

Next, it is important to list the major work already carried out (When? How much?) and to detail the work planned in the near future. To help with this, Nivoex provides a form that makes it easier for our clients to gather this information.  

If available, the latest insurance appraisal report is useful for knowing the building's reconstruction value. All that remains is to specify the condo fees, the amount allocated to the contingency fund and the amount currently accumulated in that fund.

On the day of the inspection

Plan for access to, or clearing of, certain key areas or sections such as the water entrance, the electrical entrance, mechanical rooms, etc. Ideally, a representative of the syndicate who holds the keys should accompany the inspector. It is not necessary to access every balcony or terrace, but you should plan a sample (e.g., 5 to 10%) across the various facades and floors to get a better overall picture.

Conclusion

Nivoex combines these two services (maintenance log and contingency fund study) in a single package. This provides a comprehensive view of your building's condition and allows work to be planned optimally. By following these tips, you will be able to get the most out of our services and protect the value and safety of your property over the long term.

For any questions or information about our services, visit www.nivoex.com.

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