Major Construction Projects and Condominiums
FEATURE
Major Construction Projects and Condominiums
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o matter the size or type of your condominium, it is inevitable that it will eventually undergo some kind of major restoration project. When that time comes, do you know what factors to consider and are you prepared? In this article you will find discussion on how to best plan for, implement and finance these projects.
Project Planning Most major projects start with discussions between the Board of Directors and your Property Manager when reviewing the Reserve Fund Study or considering evidence that has come to light from site walks, engineering investigation, etc. Once the major project has been identified as one that needs to be addressed, the Board must identify the criteria for implementing the project (including who/what will be impacted by the project), gather information, and develop strategies on how any impacts will be addressed. This information should be communicated with owners when they are first notified of the upcoming project, so that misinformation and rumours do not run rampant.
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G O L D E N H O R SESHOE CHAPTER OF THE CANADIA N CO N D O MI N I U M I NSTI TUTE
