Our extensive experience with various building envelope components has led to the use of life cycle costing to develop a unique Reserve Fund Study for condominiums. Wade Engineering employs individuals who are fully qualified in diverse engineering and building science disciplines including: Roofing, Attic Insulation and Ventilation, Windows and Doors, Foundations, and Exterior Cladding. These individuals provide technical support to the Reserve Fund Department in the evaluation of various common property components. These components are designated to be replaced or refurbished by funds held in reserves as outlined in the Condominium Property Act.
A Reserve Fund Study conducted by Wade Engineering involves:
Determining the depreciating common property components that will require replacement at intervals longer than 1 year
Estimating their replacement scheduling and replacement cost
Evaluating the Corporations current funding practices
Presenting various scenarios for funding the replacement of the depreciating common property components.
This process involves:
Reviewing the operating budget in consultation with the board members and/or property manager
Reviewing the Corporation's Plans, By-laws, and Rules, in order to establish all obligations of the Corporation, and therefore all anticipated expenses not covered by the operating budget
A reasonable inspection or review of the condominium property, as well as any available building plans and specifications. This enables the provider to develop an understanding of the building conditions, component quantities, and allows a closer evaluation of the anticipated expenses.
Please call us today at (780) 486-2828 to discuss your needs.
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