There are a few parts of building maintenance where there are relationships and savings in place.
We are looking for more, especially when it comes to manufacturers of the building supplies, as installation is often done best at the local level. Do you have a great supplier? Is there an area of building maintenance where you really need some support? Please let us know!
1. Property is an Asset
Often it feels as though the older buildings are more of a liability than an asset, but they would be considered an asset by most people who step into your building. Sometimes that best way to be reminded of this is when we engage with our neighbourhood who sees our buildings very differently than we might.
2. . Do Your Research
With the cost of building maintenance being much higher than our own homes, it is sometimes hard to be able to determine what the best service provider option is. The best thing to do is to get multiple quotes to determine what is the range and to ensure that at least one of the quotes is from a local service providers. Especially for building maintenance services like roofing and landscaping and any other trade, travel costs need to be factored in. Often the best quality and the lowest price is locally based.
3. Save for Maintenance Even If You Aren't Spending It
General maintenance (not including utilities and general upkeep) is 1.5% of the value of the building. So if your building is worth $2M, it isn't uncommon to budget approximately $30,000+ a year on it, especially with aging buildings. Deferring your building maintenance and not saving for this is deficit budgeting, it is assuming that this maintenance cost is going to be included in a future budget.
Here are some things that that you should be saving for:
HVAC replacements and repairs
the parking lot