Could you imagine having a financial roadmap to everything your property needs fixed or updated? A reserve study is just that – a roadmap that allows decisions to be made which will be efficient and effective in the long term. Reserve studies are the ultimate planning tool aimed to help Board of Directors to anticipate, prepare, and invest in the property’s major repair and replacement projects. Replacements of roofs on buildings, resurfacing the parking lot, painting the side of buildings are all common projects, however, plumbing repairs are often overlooked during these studies.
Pipes may be out of sight but if backups or water damage occurs they will not stay out of mind for long. Like most equipment that runs 24⁄7, pipes are bound to need maintenance and repairs. Pipes have an expiration date – that’s why including a pipe assessment in your reserve study is so instrumental. Pipe assessments evaluate all the plumbing pipes and drains in your building and will tell you the lifespan of your pipes which will help you determine the kind of money needed to be put aside to maintain and repair your property’s pipes.
A general rule of thumb to set aside for your plumbing is 10% of the value of your property, however, having a pipe assessment can give you a more accurate analysis of your plumbing system’s specific needs. Since every building is different, assessing each building’s pipes will give you a better understanding of the conditions, problems areas, and future problems so that you can repair problem pipes before catastrophic failures such as back-ups or pinhole leaks occur.
After you walk away from a pipe assessment you should have the following:
- A report of the pipe systems expected useful life and remaining useful life.
- A cost evaluation of the necessary funds needed to keep all pipe systems running efficiently and effectively.
- An estimate of the funds needed to make any repairs or replacements.
Don’t wait for another sewer line backup or pinhole leak to surprise your residents. Assessing your pipes as part of your reserve study will mitigate these often uncomfortable, inconvenient, and costly situations. By financially preparing for your pipes today means cost savings from emergency plumbing repairs for tomorrow.