TimeSharing Today | Sep / Oct , 2024
cost items include FF & E ( furniture , fixtures , and equipment ), paving , railing , and high-rise-specific components like elevators . For resorts with extensive balconies or terraces , these too are considered part of the structural integrity study due to their exposure to elements and potential for significant repair costs .
Structural elements and hidden costs
Resorts with unique structural features , such as those built on slopes or pilings , pose additional challenges . Issues like defective pillars supporting elevated structures require deeper inspection beyond the scope of visual analysis . In Florida , such structural elements fall under the milestone study category , necessitating professional engineering inspections .
The importance of maintenance plans
While structural inspections and reserve studies are crucial , the most effective measure to prevent structural failures is a robust maintenance plan . Regular , systematic maintenance is the key to ensuring
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the longevity and safety of buildings . Unfortunately , maintenance expertise is often lacking among board members , making it imperative for management companies and consultants to guide these decisions .
Monitoring and reviewing reserve studies
Typically , reserve studies are revisited every three to five years . However , for older properties or those undergoing significant rehabilitation , more frequent reviews might be necessary . The dynamics of ongoing projects and repairs can significantly alter the initial estimates , requiring updates to the reserve study to reflect the current state accurately .
Case study : Practical challenges
An illustrative example involves a resort facing major roofing replacements . Initial estimates might change significantly once the actual work begins , uncovering additional underlying issues like subsurface damage . This necessitates a flexible approach to funding and planning , underscoring the importance of
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regular updates and close monitoring of the property ’ s condition .
Planning takeaways
• Conduct thorough physical analyses of all building components .
• Regularly revisit and update reserve studies to reflect current conditions .
• Collaborate effectively with all stakeholders , including financial institutions and management .
• Emphasize the development and implementation of robust maintenance plans .
• Engage with banks specializing in condominium and timeshare financing for necessary funding .
• Adopt a dual-focus approach in reserve studies , addressing both statutory requirements and broader operational needs .
Contact Facilities Advisors International
For information about Facilities Advisors International , contact : Gary Porter at ( 877 ) 304-6700 , gporter @ facilitiesadvisors . com www . timesharingtoday . com to start or renew memberships .