Multifamily and Condo Managers Issues
- 07.26.10
- Training
- 6 Comments
Taking care of a Condominium Complex building is different from taking care of a home! In addition to having to deal with all the owners, is the big building.
Most multifamily buildings come in various sizes and several stories tall. Insurance requirements, building code issues and maintenance problems can be a full time job. Site drainage issues, elevators, fire sprinklers and parking issues command the president’s time on a full time basis. A written maintenance program along with existing construction plans documented and updated establishes a history report of activities that provide sustainability and saves money. I always suggest photo graphing all work that maintenance workers and contractors do. Establishing a photo report of repairs makes it easy for condominium managers to understand what has been accomplished. Having a written plan of maintenance activities establishes budgeting and systematic guidelines for taking care of the property investments.
There are constant changes in the existing building codes (there are currently 5 levels). National Fire Protection codes and life safety codes are also constantly changing and being updated. Insurance industry and the building fire regulations mandate changes in the codes. After a fire inspection, some insurance companies require modifications to the building to maintain current policy rates. Two main differences in multifamily as far as codes and insurance cost are, protected and non-protected structures. Many buildings built prior to 2001 Florida Building Code might have certain code deficiencies. These deficiencies are subject to interpretations. Show me the written requirements!
Other regulations that effect existing buildings are Lead Paint CFR 40, part 745. Any building built before 1978 require a RRP certified contractor that affects more than 6 square feet. Flood regulation can change in certain communities that might affect your project. Watch changes in the local flood ordinance and CRS ratings. If mapping changes take place beware! Wind mitigation should also be understood. What wind zone is your project located in? If your building is more than 30 feet tall there is a 21 percent increase in wind force at the top. All outside material changes must have Florida Product approvals and permits. What is the flood zone designation for your project? In Florida, insurance carriers are required to have mitigation discounts for certain compliant structures. How was the building built and when, which tells us under what code! Ask your insurance carrier for their forms. Remember, only licensed professionals should fill out insurance inspection reports. So many times I talk to project reps. to find out they don’t know what was done and when. Document, document!
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Can you tell me if you think it will possible to rebuild a burned-out condo building before funds have accumulated? The insurance company payout does not cover cost of reconstruction, and an assessment will have to be applied to all owners. What happens if the additional funds cannot be collected? Will the rebuild process stop? Will the contractor get an IOU? Do the funds have to be in the bank before the bidding process starts?
Hello, nice blog.