At Genispec, we know how important it is to keep your building in top shape, which is why we want to talk to you about reserve fund studies. First things first: did you know that having a reserve fund or contingency fund is a legal obligation for condo buildings in Quebec? The purpose of this fund is to maintain the physical and functional integrity of the building and its components over the long term. It is important to note that this fund is separate from the regular maintenance and management fees that co-owners pay, and it’s essential for covering unexpected repairs and renovations. However, we often see that the 5% contribution requirement to the contingency fund isn’t enough to cover the necessary expenses for most buildings. This is why we recommend you start saving for the contingency fund as early as possible, ideally right after taking possession of your condo.
To make sure your contingency fund has enough money to cover future repairs and renovations, it’s essential to conduct a reserve fund study. This study will determine the ideal amount of money required for the fund based on your building’s age, condition, and potential future repairs. At Genispec, we are a skilled team of engineers who are part of the Ordre des ingénieurs de Québec, so you can trust that we’ll provide you accurate information to make informed decisions about managing your fund.
Why should you call on Genispec for your next reserve fund study?
At Genispec, we believe that every building should have the necessary funds to maintain its integrity and prevent unexpected expenses for owners. We encourage condo owners and boards to conduct reserve fund studies early to ensure that their buildings have enough money to cover future repairs and renovations. By taking these steps, you’ll help your building maintain its value and integrity for years to come.
We cater to the Montreal metropolitan community, including Hampstead, Saint-Laurent, Mont Royal, Laval, Longueuil, Brossard, the West Island, Kirkland, and more. Our mission is to inspect your building and provide you with an estimate of the probable costs associated with the management of the deficiencies observed. Our team will recommend the best possible building maintenance program that takes into account the configuration of your residence while specifying the allotted time needed.