A building maintenance log (also known as a maintenance record) is an essential tool for property owners or managers. It is crucial to understand what it looks like and how it can facilitate property management.
This document is used to record all maintenance interventions, repairs, and inspections carried out on the building, providing a clear and organized overview of past and future work.
The importance of a reserve fund study
To complement the maintenance records, a reserve fund study is often necessary. This financial study allows for the planning of future expenses related to the repair and maintenance of the building, thus ensuring proactive and informed management. By anticipating long-term costs, owners can avoid financial surprises and keep their building in good condition.
The reserve fund study evaluates future needs for repair and replacement of major components of the building. It establishes a financing plan over several years, ensuring that co-owners contribute fairly and proportionally to the future needs of the property. This preventive approach allows for smoothing out expenses and avoiding sudden increases in co-ownership fees.
Quebec’s bill 16 and it’s impact on maintenance records
Bill 16 imposes new obligations on co-ownership properties, particularly in terms of maintenance and repairs. This legislation aims to improve the durability of co-ownership buildings and ensure that co-owners properly maintain their buildings.
Bill 16 requires all co-ownership properties to have an up-to-date maintenance log and to conduct reserve fund studies every five years. This law is part of various provincial government measures applicable to co-ownership properties to prevent building deterioration and protect co-owners from financial surprises.
Composition of a Maintenance Manual
A maintenance log generally consists of the following elements:
Basic Information
- Site History: Construction or renovation date of the building.
- Technical Description: Characteristics and technical specifications of the building.
- Reception Date: Date when the building was received.
Work History
- Completed Work: List of major works carried out with completion dates.
- Company Contacts: Information on the companies that performed the work and maintenance.
Contracts and Warranties
- Current Contracts: List of ongoing maintenance and service contracts.
- Work Warranties: Details of warranties associated with the completed work.
Maintenance Schedule
- Five-Year Plan: Planned maintenance activities over a five-year period.
- Monthly Register: Tracking of monthly maintenance activities.
Benefits of a Well-Maintained Log
A well-maintained log offers several tangible benefits. It allows you to:
- Ensure Safety: By recording regular inspections and maintenance work, co-owners can ensure their building is safe for all residents.
- Increase Property Value: A well-maintained building retains its value and can even see its value increase, which benefits all co-owners.
- Facilitate Real Estate Transactions: When selling an apartment, a well-maintained log can reassure potential buyers about the overall condition of the building.
- Avoid Unexpected Costs: Through proper planning, co-owners can anticipate maintenance costs and avoid sudden and unplanned expenses.
In summary, understanding what a maintenance log looks like and knowing how to manage it effectively is crucial for maintaining your co-ownership property. Supported by a reserve fund study and compliant with Law 16 requirements, this document is an indispensable tool for effective management. It not only helps preserve your property’s value but also ensures the safety and comfort of residents.