Condominium Review Study
What is a Condominium Review Study (CRS)?
A Condominium Review Study (CRS) is a combination of a reserve fund study (RFS) and a building envelope study (BES).
A condominium review study plays an integral role in planning the financial future of any condominium. It provides property managers, unit stakeholders, and financial administrators the complete picture of a building's well-being and ensures a healthy property that is attractive to both renters and unit owners.
A Condominium Review Study is prepared by two professionals; a Reserve Fund Planner and a Building Envelope Specialist. It looks at all the major components that make up the building to assess its state of health and long-term performance both physically and financially. A CRS is a comprehensive financial and technical review to help you make informed decisions about your property and offers more bang for your buck.
A closer look: Typical Condo Annual Budget
A typical annual budget for a condominium complex does not leave much room to absorb large, costly and unexpected major repairs, and as such often leads to a special assessment charge that needs to be absorbed by the unit owners.
Benefits of using TOK Engineering as your building doctor:
Our engineers are experts in building code, and will ensure your building is performing to the highest standard for resale
TOK has spent years evaluating structure failures, developing an eye for building performance that can’t be taught
We travel across the province and can begin the assessment process virtually
TOK provides a variety of good, better, best options, design renderings, and cost scenarios, giving the ultimate project decisions to you, the client
Just as procrastinating against your own doctor’s appointments could result in more intensive treatments, the longer you put off regular inspection of your building, the higher the chance of invasive analysis.
Consult TOK engineering and ensure your building’s health and longevity, and reduce ongoing damage.
A common mistake among building owners, associations, and management is thinking that a building’s reserve fund study (RFS) or capital replacement plan will keep them informed about building function. The reality is that staying updated on the health of your building requires regular analysis of the building’s envelope, or the barrier between indoors and outside.
The CRS Value
The Building Envelope Study is like an annual physical if you think of TOK Engineering as the building doctors. It provides important information on performance and function, reducing the likelihood that you'll be caught off guard by expensive repairs. Additionally, you get more value for your money when you time and combine the reserve fund study with a building envelope study. These are different studies focused on different aspects of the building or condominium.
.A reserve fund study is a comprehensive financial assessment of a property's physical condition and its anticipated capital requirements over a specified period. The purpose of the RFS report is to set aside money to cover scheduled expenses and unscheduled expenses and thus help stakeholders plan for necessary repairs, replacements, and renovations. On the other hand, a building envelope study, is a comprehensive evaluation of the exterior elements of a building that contribute to its envelope. This study involves a detailed examination of the walls, roofs, windows, doors, insulation, and related components to determine their condition, performance, and potential vulnerabilities.
One should therefore not expect to find in a Reserve Study a detailed evaluation of the building envelope, articulating strengths and weaknesses of its design or its construction. If an association wants such an evaluation, they should commission such an investigation. A building envelope evaluation is not part of a Reserve Fund Study. And that is where commissioning a Condominium Review Study (combination of a reserve fund study + building envelope study) with TOK Engineering gives you a holistic financial and technical information needed to make informed decisions about your property and gives you more bang for your buck.
If you are a condominium owner or condominium association, consider a condominium review study (CRS) to get a comprehensive understanding of the physical and financial health of your condominium that will help make informed decisions to safeguard your property.
Contact us today and take advantage of the cost savings by choosing a condominium review study (combination of a reserve fund study and building envelope study). Our experts can help.