Someone recently asked about capital planning and budgeting, so I thought I’d post it as a topic in addition to the initial reply since I thought of more information afterward. There is no absolute method, but here's how I do it ...
When creating an annual operating budget, it is wise to create and update a separate capital budget with at least a 5-7 year outlook.
You can find this budget either though reserves if the finances permit, through an assessment (which looks better than raising maintenance), or through raising maintenance (Which is not recommended since it is capital funding), through refi/cash out, etc… .
Create two lists.. needs and wants.
You may need assistance with the needs list as it would contain the following:
1. Local Law Inspections & work (FSIP)
2. Mechanicals (cooling/HVAC/Water Towers)
3. Boiler & Machinery
4. Plumbing/electrical Systems
6. General building condition – roof, stairwells, etc..
7. Abatements (asbestos, lead, etc..)
I have a company that does complete building inspections & budgets; an engineer and other professionals required for some portions.
Pricing and required timelines are next
Organize this list not by price, but by priority as it relates to liability.
Then create and merge your list of desired improvements or projects with priority order being the value add of each item… One may offset another, such as duel fuel conversion to a boiler with a bad burner may aid both categories.. this is what I mean by the value add…
With every item on the list now having a priority number and target date attached, you can back into the finances and how you will fund it.
There are many different ways to go about finding the monies and funding the projects, and in the beginning it may look intimidating, but it gets more and more rewarding as time progresses… It is great when your building gets to a point where you are working only on what improvements you would like to add that year!
I have done many projects in buildings that have saved on operating expenses. I'm just curious as to what others have done and what kind of savings you've realized as a result?
Iv'e seen up to 35% fuel savings on going duel fuel and upgrading to a stealth energy control panel,
Balanced out the heating distribution system,
Changed all public lighting to LED and put low traffic areas on sensors (have not measured savings as yet),
Closely monitor water usage...
Any other ideas and input out there?
I own a condo unit in Miami, FL.
Below me lives a renter who smokes incessantly on his balcony below mine. Consequently, my balcony and inside my condo unit reek of cigarette smoke and odors. I have complained to the renter himself, to the HOA board and to the owner if the unit below, ie, the renter’s landlord. No one has done a thing about it, even though I expressed that my health is deteriorating due to the second-hand smoke I am forced to inhale día in and day out.
Is a renter who lives in a condo unit legally allowed to disrupt condo unit owners and get away with it? It would seem to me that owners in a condo complex should have priority rights over renters. But my HOAs silent treatment towards my second hand smoke complaint is a clear indication that they are choosing to side with the asso’n.
Thanks in advance.
I'm a member of a co-op board in a 1960s building.
We have a resident (A) who is complaining about cooking smells and construction smells coming from a neighboring apartment (Z). The apartments share a wall that should be solid -- there are no vents between these two apartments.
The problem was brought to our attention almost a year ago when Apt A complained about strong cooking smells, but apt Z was about to do a renovation, and we thought that would address it. Instead, the smells have been ongoing and Apt A can smell the pipe soldering, plastering and painting and has photos showing plaster dust from the renovation piling up on her floor and on the plugs of lamps and appliances plugged into their party wall. There is a definite breeze coming through the baseboards/electrical outlets -- it's enough to blow a smoke test around.
Apt A says this is a violation of the warranty of habitability and the proprietary lease. Is the co-op responsible to address this, and if so, how do we fix it? The wall seems solid, except for the breeze/dust/smells, and Apt A even has a second layer of sheetrock on their side due to an earlier renovation.
How can you run a cooperative if you are not privy to: contracts of vendors, parking lists, age and condition of roofs,elevators, plumbing, and electrical systems? How many sublets in house and when to stop to prevent too many? Employees live and own apartments on site but won't start working until 8:00 AM; because they're union. The siper and asst. super rent out apts they own to live rent free. Our attorney has not directed board members on proper orientation of does and don't to be effective. So who is getting the better deal?> Join the conversation Comments (1)
Perhaps it's a coincidence but Spectrum has just offered our co-op a bulk rate just has Verizon has notified our building that it's (finally) willing to install Fios. Currently, a majority of residents use Spectrum (internet and TV) and pay $100-$200+ per month. The bulk rate would be $50/month (for a service as good or better than what most people have now) that's even factoring covering the few people who don't use Spectrum.
The catch? Spectrum is requiring a 5 year contract to get the bulk rate.
Just wondering if we sign a long term deal with Spectrum, could Verizon find out and cancel Fios installation plans?
Does anyone have a rough idea how long it takes from the time a building gives Verizon the OK to install fiber to the time Fios service is actually working? If it's 1/2 a year or more, it might be more justifiable to sign with Spectrum now for the time being - who knows, maybe there will be a problem or delays with Fios installation.
Does Verizon ever offer a bulk rate as well and/or buy out a contract with a competing provider?
Plumbers and contractors have been working in every Unit making repairs and updating system. Shareholders have been notified when workers need entry into apartments and if residents cannot be present during work the
Super has entered with permission using management keys. The Super and managing agent have been present when workers are in the apartments.
Board was recently told an expensive heirloom is missing. Board instructed shareholder to make a police report, call their home owners insurance and submit in writing to management details of incident.
Can anyone tell me what the standard protocol is and who would be liable?
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