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Major Repairs

Operating budget regular and required maintenance expenses these are not.

Non-routine major repairs occur less than once a year and are geared to maintaining components.

They are reserve fund specific partial replacement expenditures that have a large capital cost per event.

If an expenditure is not a full replacement then it is a major repair of three types.

It can be an update to part of a component, an upgrade due to a code change, or an allowance for a substructure component such as the foundations over the life of the development.

The first two types may appear more than once over the 30 years and allowances do not appear but are included in the monies required in the benchmark.

Definition accepted and specific to the Canadian context, as United States’ sister associations define components differently.

About Author: Jean-François

With experience gained in construction, project management, field reviews, inspections, report writing and as strata president, J.-F. has cross-industry expertise guaranteeing that you will participate in a process geared to improving the corporation's finances and to setting the condo | strata board | council's planning to stand the test-of-time.