Homeowners Associations (HOAs) play a crucial role in maintaining the value and desirability of a community. In New Jersey, where residential communities often feature complex amenities and shared spaces, the transition from developer to homeowner control is a critical phase. This article delves into the concept of a transition study, outlining why it’s essential, the….
News
What is a Condo Reserve Study and Who Needs One?
A condominium reserve study, or also known as an HOA reserve study, is a comprehensive examination and evaluation of an association’s assets. Functioning as a strategic capital planning tool, it offers detailed guidance and analysis regarding the community’s assets. The primary objective of a reserve study is to assess the various components of a Homeowners….
Repairs & Reserves
Liabilities and Risks of Ignoring Issues: An Engineer’s Perspective Question: A recent reserve study identified a number of repairs/replacements that should be addressed in the community. However, while the reserve is being funded on a monthly basis, there isn’t enough in the current reserve fund for the repairs/replacements. With inflation and knowing that owners won’t….
Water, Water, Everywhere
Typically when I am discussing water problems with the condo’s property manager or the board, the focus is on leaking roofs, foundations, windows, or other building envelope points of water infiltration. Instead, this article’s focus will be on water damage problems from inside sources and their prevention.It is hard to talk about inside water damage….
Top 10 Condo Building Problems
Workmanship, Quality Control & Water… Probably because I have inspected thousands of condo buildings and their units for construction defects and other issues, I am often asked by both prospective condo buyers and property managers to name the most common problems found in new condo developments. Interesting enough, new condo buildings have more hidden problems….
The Orange Triangle in Our Logo
Criterium Engineers was founded in the days when building plans were meticulously designed and drawn by hand. The dedicated engineer’s talisman—the plastic drafting triangle—could once be found on almost every drawing table in our offices. And while a clear plastic triangle might easily be lost on piles of white paper, bright orange drafting triangles always….
The Water Did It
Since the tragedy this summer in Surfside, Florida, building managers and condo boards have been reviewing the cost of deferred repairs and their fiduciary responsibilities when it comes to facility safety and maintenance with greater scrutiny than ever before. But where to look first? There are many types of condos from high-rises to townhouses to….
Commercial Real Estate – Accelerated Depreciation
What property types benefit most from accelerated depreciation with a Cost Segregation Study? Many of the costs embedded in a new or existing building can be segregated into categories that also allow for more rapid — or accelerated — depreciation. Many items inside the building – furnishings, fixtures, flooring and the like – can be depreciated….
A Pre-Lease Property Condition Report Pays For Itself!
Criterium Engineers provides the straightforward evaluation required for an extensive Pre-Lease Property Condition Report (also referred to as a property condition assessment) for clients looking to lease buildings of all sizes. They are especially useful for Triple-Net Lease negotiations. Be Informed! Investing in due diligence and being an informed lessee provides greater confidence in the….
The Challenge of Aging Buildings
The Surfside collapse and the resulting loss of life is tragic. In addition to dealing with the far-reaching impact of that collapse, many occupants, owners, and managers of most buildings are now asking whether something similar could happen to their building. The answer is that the structural health and future of any building depends on many variables….