Common Issues

February 23, 2024 Published by Huronia Chapter

Strategies to Prolong the Service Life of Your Common Elements

Join Sonja Hodis (moderator), Chris MacMillan, Jon Dickson, Jeremy Nixon and Jeff Livingstone as they discuss strategies to prolong the service life of your condo’s common elements. As we have seen in the media, some condominiums are finding themselves in a very difficult cashflow situation as their infrastructure ages and saved reserve funds are not adequate to pay for major repairs and replacement.


 

Join Sonja Hodis (moderator), Chris MacMillan, Jon Dickson, Jeremy Nixon and Jeff Livingstone as they discuss strategies to prolong the service life of your condo’s common elements. As we have seen in the media, some condominiums are finding themselves in a very difficult cashflow situation as their infrastructure ages and saved reserve funds are not adequate to pay for major repairs and replacement. This leaves Boards with the difficult decision to issue a special assessments and leaves Property Management to deal with irate owners. Boards need to ensure that the decisions are thoroughly considered and may wish to consider ways to effectively prolong the service life of capital assets. The webinar proactively discusses when you may want to consider deferring major repair and replacement of common elements as an alternative approach to managing your assets and finances and what you need to consider before doing so to protect the condominium corporation. Learn what steps you should be taking when making these decisions and which professionals you should be talking to in order to help you make an informed decision. The webinar focuses on concrete, mechanical building systems and building cladding/windows.

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