Based on your Structural Integrity Reserve Study (SIRS), you now have a list of your structural components and how long they’ll last. Now’s the time to come up with a plan and timeline to complete those repairs or replacements. Here’s a guide to help you identify priority projects and create a sustainable plan for your community.
Determining Immediate Needs
Some projects demand higher priority due to their potential impact on safety, finances, and longevity. A clear understanding of urgent versus non-urgent needs will save time and resources.
- Components With a Useful Life of Two Years or Less
Items nearing the end of their life cycle, as identified in your SIRS, should be prioritized for repairs or replacement. Delaying these projects can result in higher costs and increased risks. Failing to address deteriorating components in a timely manner often leads to escalating maintenance expenses for your community. Repair frequency may increase, and the deterioration of one component can negatively affect others. For instance, postponing a needed roof replacement may lead to leaks and other issues that will require costly repairs until the issue is addressed. - Life & Safety Issues
Immediate issues related to safety or structural integrity should be at the top of your list. Address any hazards that pose a risk to residents or the structural stability of your buildings. These might include unstable staircases, deteriorating balconies, faulty wiring, or water intrusion issues. (Learn about how we helped a local community address their “life & safety” issue here.) - Long-Term Drains on Savings
Consider components that, if left unaddressed, will continue to deplete your reserves. For instance, a deteriorating roof can lead to continuous water damage and higher repair costs. Read our roof case study for a closer look into one community’s persistent roof leaks that cost them $100,000 worth of repairs each year before their investment in a full roof replacement.
Develop a Comprehensive Plan
Once you’ve identified the priority projects, it’s time to create a strategic plan to tackle them.
- Repair vs. Replacement
Some components can be repaired at a fraction of the cost of replacement. For example, repairing stairways may cost half as much as replacing them entirely, preserving funds for other necessary projects. Repairs can often solve the problem while avoiding costly premature replacements. - Invest in Quality Materials
Choosing durable, long-lasting materials can save your community substantial money over time. For instance, opting for a 55-year caulk instead of a 5-year caulk may cost more upfront, but reduce the frequency of maintenance and overall costs in the long term. Similarly, investing in premium roofing materials can significantly extend the life of your roof. (Learn how to maximize your roof’s lifespan with the right materials here.) - Waterproofing vs. Painting
Waterproofing is a critical step in the repair or replacement process, designed to protect your building's integrity by preventing water from penetrating its envelope. Without proper waterproofing, external elements can allow moisture to infiltrate building components, leading to material damage, accelerated deterioration, and costly repairs. While solely painting your building may provide a lower cost option, it offers no moisture control unless paired with waterproofing.
Why Plan Ahead?
A thoughtful approach to capital improvements not only addresses current needs but also creates a lasting and positive legacy for your community.
- Address the Root Cause
Identify and address the root cause of your property’s issues, not just the symptoms. Fixing symptoms without resolving the underlying cause often results in recurring expenses. For example, repairing water damage without fixing the source of water intrusion is only a temporary solution at best. - Cheap is Expensive
Selecting the cheapest option may seem budget-friendly but often results in higher costs down the line due to frequent repairs or replacements. Investing in higher quality materials and workmanship upfront reduces your overall maintenance cost of components. - Turn Expenses into Investments
Strategic reserve investments today set your community up for short-term and long-term success and stability.
By understanding your SIRS, identifying priority projects, and developing a detailed plan, you can ensure your funds are allocated wisely, safeguarding the future of your community.
