Condominium Property Act mandates completion of a reserve fund study every 5 years in Alberta. Reserve Fund Study helps maintain the Condominium Corporation’s reserve fund which is utilized when there is a need for major non-recurring repairs or replacement to the common property components. Wade Engineering provides a client-friendly report that is both informative and easy to understand.
A Reserve Fund Study conducted by Wade Engineering involves:
- Overall condition assessment of Common property components and best practice guidelines for up keep
- Determining the depreciating common property components that will require replacement at intervals longer than 1 year
- Estimating their replacement cost and schedule for the next 20 years
- Evaluating the Corporation’s current funding practices
- Presenting various scenarios for funding the replacement of the depreciating common property components.
Life Cycle Costing Reports are similar to a Reserve Fund Study, completed for building that are not registered as condominiums