Condition Survey / Sinking Fund Preparation
Upcoming legislation will dictate that all multi-unit developements must have an appropriate ‘sinking fund’ in place to cover medium to long term upkeep of the building. Our condition survey service consists of:
An Inspection to ascertain the condition of the building. The condition survey report will give an expert opinion on the condition of the structural, architectural, fire safety, mechanical and electrical elements and identify areas requiring upgrading over the next 20 years. This will ensure that health and safety, running costs / energy efficiency, aesthetics and property value are all maximised. Where defects are found, budget costs to repair the damage are given, and a list in order of priority is drawn up.
Calculation of a “Sinking Fund” to maintain the building over a 20 year period. The assessment of the remaining lifespan of each element of the building informs as to when existing elements need to be repaired or replaced. Our report outlines when the various items such as roofing, lifts, electrical distribution boards / wiring, fire doors, windows, etc. need to be replaced and calculates the funding that needs to be in place to cover these costs over the 20 year period. The total fund is then presented as an annual payment that will be needed to fund major repairs / replacements in a planned and transparent manner.
BENEFITS TO YOU AND YOUR CLIENTS:
Maintaining Value of Property
A structured, detailed report and budget for the coming years will demonstrate how this can be effectively achieved in the best interests of your clients.
Full budget costs for replacement items provides property managers with greater clarity. This facilitates presentation of future costs to their clients.
Avoid Large Emergency Payments
A planned, concise schedule of required funding of major building elements prevents the need to ask for lump-sum payments to fix emergency issues such as roof leaks, lift replacements, etc.
Independent fully insured professional consultants shows your clients that they are getting unbiased advice and best value for their money.
Potential for Reducing Costs
By incorporating an energy study as part of the report process, key operating cost savings can be identified, resulting in lower running costs for the building.