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| OPERATIONS & MAINTENANCE (O+M) MANUAL |
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An O+M Manual offers recommendations and maintenance of all major components on a structure in order to extend the life of the building and its elements. |
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| RESERVE STUDY |
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A Reserve Study is a financial budgeting plan for future repair and replacement of major exterior components on a structure or complex. For condominiums and HOAs, an annually updated Reserve Study is required by law. There are three different types of Reserve Studies: |
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LEVEL 1: This is a full reserve study including an on-site visit, component inventory and a condition assessment. At this point, we determine how much 'life' is left in each of the components, from which we create a funding plan. A Level 1 Reserve Study is required before the Level 2 or 3 can be created. |
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LEVEL 2: This is an update to the Level 1 Reserve Study. We perform an on-site visit to be sure that your components are aging as expected. A Level 2 Reserve Study is to be scheduled for every third year. |
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LEVEL 3: A Level 3 Reserve Study is an update to the Level 1 and Level 2 studies, but there is no site-visit involved. Level 3 is provided at the lowest cost of the three studies. |
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TIMELINE: The first year you will receive a Level 1 study; the second a Level 2 and the third a Level 3. From then on, you will receive a Level 2 study once every three years. Two out of every three years, you will receive a Level 3 study. This is a cost-effectively timeline that will provide valuable financial planning information for your condo or home owners' association. |
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