Asset Management Plan
What is an Asset Management Plan?
The asset management plan is a report describing the construction work to be carried out in the following years on the common parts of a condominium. The production of this document has become mandatory for condo co-owners since the adoption of Bill 16 in January 2020. The objective of the Bill 16 project is to preserve and maintain the condition of real estate.
The asset management plan may contain the following elements:
Why is the Asset Management Plan Important?
The asset management plan is like a statement that examines the components of the condo to identify common areas that require maintenance. In other words, the plan checks the health of the building to ensure the quality of life, safety and well-being of residents.
The co-owners of condos are therefore obliged, since the adoption of Bill 16, to produce an asset management plan that measures the cost of maintenance, detects the necessary corrections and defines the condition of the building. The latter remains essential to the assessment because it reveals the repairs, renovations and replacements required to maintain the common spaces as well as the lifespan of the building.
The asset management plan helps construction experts by making it easier to estimate major expenses and plan co-owner contributions towards reserve funds. Based on the maintenance level, professionals can also simulate numerous scenarios that mainly illustrate the beneficiary impacts or other possible risks of the maintenance plan. Thereafter, the co-owners must select a scenario that best corresponds to its needs which optimizes the shared spaces. Eventually, this process limits maintenance costs and controls reserve funds.
Need an Asset Management Plan? Call on Genispec!
Based in Montreal, Genispec offers high quality building engineering inspection and consulting services as well as project management. Our engineers, members of the Ordre des ingénieurs du Québec, specialize in the inspection of several types of buildings, including condominiums, commercial buildings and industrial buildings.
Our engineers are equipped to answer your questions and help you inspect your buildings or create your asset management plan. We offer our services in the Montreal metropolitan community, including Hampstead, Saint-Laurent, Mont Royal, Laval, Longueuil, Brossard, West Island, Kirkland, and more. Contact us for any questions you have in mind or if you would like to know more about our wide range of inspection services.