Share this post!
Exterior building restoration is a capital project requiring careful budgeting. However, where many condo boards go wrong is sacrificing quality to save money. As a result, they face additional costs in material repairs and replacements down the road. Here, we share practical money-saving building restoration tips that save money in the short and long term.
Understand Your Building Envelop Components
Every decision you make impacts the effectiveness and function of your building envelope. Working with a professional building envelope expert will provide valuable insights about your building’s condition. They will explain how to proceed with your envelope restoration to see the most value for your investment.
You want to gain efficiency to help reduce energy costs that help offset the cost of your restoration. A building envelope professional will assess your building’s performance, including thermal performance, moisture protection, impact on Indoor Air Quality (IAQ), and durability of materials. These components ensure you reduce air and water infiltration, the structure withstands building movement, improves interior comfort, and maintains or increases unit value.
Balance Aesthetics and Value
Your “curb appeal” impacts your condo’s value, which you must protect during the process. Considering the materials available to improve the aesthetics of your building both from an exterior standpoint and how changes might impact the occupants’ view is critical to your restoration’s success. Improving the appearance, however, can’t sacrifice quality and durability, as this will negatively impact value.
Consider Material Costs and Labour
Innovation in building materials is complex and requires understanding how each material impacts efficiency, performance, and aesthetics. Choosing the right materials addresses the purpose of the restoration to improve the life cycle while also providing easy installation, increasing overall building performance, and improving appearance.
However, the process used to install materials can significantly impact cost. Although a material might seem relatively cost-effective to purchase, if the installation process is complex and time-consuming, you might not realize those savings due to excess labour costs.
Prepare a Restoration Plan
The more detailed your plan, the less impact delays, equipment issues, unavailable materials, etc. will have on your budget. Thoughtful planning considers how each of your choices impacts the project. As a result, you can be more proactive and make choices that avoid delays and lead to increased costs. From security and site safety to an equitable tendering process and finding operational efficiencies to proper project management, your restoration plan improves efficiencies. A good plan keeps your project on track and budget.
Reduce Waste and Increase Efficiency
Understanding your waste management options allows you to minimize waste and enjoy efficiencies. Something as simple as arranging for metal recycling at the site can make a huge difference and provide an opportunity to actually earn profits by selling recyclable materials. On-site grinding can help compact waste to reduce the number of trips to the landfill site to save money.
These tips help provide clarity in the restoration process so you make informed decisions that help reduce costs.
The condo experts at CPO Inc., a full-service property management company in Toronto and the GTA, have had tremendous success helping condo corporations implement exterior restorations and improvements, resulting in cost savings via improved building function and performance. Reach out to us today to learn more about our condo services.
Soc: Don’t start your condo’s building restoration before reviewing these money-saving tips.