As budget season wraps up and the deadline for completing your Structural Integrity Reserve Study (SIRS) looms, many condo communities find themselves navigating a complex landscape of new requirements and best practices. In the midst of these changes, questions arise about how to adequately prepare, protect, and plan for the future.
From initial inspection steps to navigating insurance concerns and understanding what should be included in your reports, preparing for these challenges is crucial to safeguarding your community's reserves and long-term structural health. To provide clarity, we’ve compiled answers to your most pressing questions, ensuring your community can make informed decisions for a secure future.
1. Our community has not completed any recent inspections. What would you recommend as our first steps so we can get a better idea of our community’s structural integrity?
We would recommend what we call a pre-inspection to determine what your community needs. This is a less costly inspection that can give you a quick look at the status of your community and the buildings’ structural integrity. Depending on the findings of this inspection, you may need a more thorough investigation to determine any repairs or replacements needed. This inspection is especially helpful before a Milestone inspection or SIRS, giving your community time to make any necessary repairs before completing the state-mandated inspections.
If your community has not completed a reserve study, this is another beneficial resource we recommend. It’s good for your community to know exactly what it has and when those varying components will be due for repair or replacement. This inspection is most beneficial when it includes a contractor with expertise in repairing or replacing these different components, so you can get an accurate cost for your reserve funding.
2. How often should we complete inspections for our community? (reserve studies, engineering studies, etc.)
We recommend an inspection every 2 to 3 years depending on the condition of your community. It is always good to have continuity of information to see how the reserves are being used. This allows the inspector to see how the major components are holding up and if anything is failing prematurely.
3. My roof is supposed to last 40 years, but my insurance company says I need to replace it. Is there anything I can do to show my insurance company the roof is still viable?
Absolutely! For roofs 20 years or older, communities can now hire a qualified inspector to complete a roof certification. The inspection must determine and certify that the roofs will last up to another 5years.
This inspection could determine some roof repairs are needed. Once those repairs are completed, the roof can be certified. In other words, roof repairs do not disqualify the community from obtaining this certificate, as long as the repairs are performed. This inspection can continue to be performed until the roof can no longer be certified.
4. Why should waterproofing be considered during a SIRS or Milestone inspection?
Water intrusion is one of the most prevalent causes of structural deficiencies in buildings. Repairing or painting the exterior of your building is not enough to ensure long-term protection. Performing a waterproofing protocol is only the way to avoid these major issues that can cause structural damage.
Dollars invested in waterproofing save an enormous amount by protecting your building from unnecessary future repairs or replacements. Your waterproofing protocol should include any outdoor stairways and balconies. Concrete and stairway restoration can cost unit owners tens of thousands of dollars in special assessments. We have seen some unit owners special assessed up to $225,000 and not be able to use their unit for one year because of these surprises. Waterproofing your building is the best use of your reserves to avoid these costly surprise projects. It’s one of the many ways we recommend communities catch and address issues while they’re small so they can avoid larger, costly projects in the future.
5. My SIRS report includes line items for stairways and elevators. Why is that?
The SIRS is to include “any other item that has a deferred maintenance expense or replacement cost exceeding $10,000 that would impact the structural integrity of the building”. Stairways are considered a component that will impact the structural integrity of your buildings.
The elevator modernization presents a large cost and should be counted in the SIRS as a component costing over $10,000. Some inspectors are not counting this in their SIRS; however, we do not believe this is in the best interest of the community. The SIRS inspection is meant to allow a community to understand its obligation to protect the community’s structural integrity and financial health. The intent is to maintain a community properly and reserve accordingly without surprises. Surprises cost additional money and untimely special assessments. Knowing that an elevator modernization is needed and reserving accordingly helps avoid these surprise costs.
By planning reserves carefully and addressing maintenance issues early, associations can prevent costly repairs and avoid unexpected assessments in the future.
Whether you need an inspection to meet the legislative requirements or determine the status of your community’s structural integrity, we can help you navigate the process. True Property Inspections has more than two decades of expertise in the condominium reconstruction business. Contact us to schedule a free consultation.
