You are an active member of your condominium corporation and you were mandated to learn about Bill 16 and contingency fund studies at your last meeting. You search the internet for a reliable company to conduct your study and, after visiting a few sites, you are more confused than before. Read our article and see 3 criteria to consider in order to make a wise choice when it comes to choosing a service company for your contingency fund study!

Criterion #1 | Experience and Knowledge
A contingency fund study calculates the expected expense of repairing and replacing each component of the building for the next 25 years. An error in identifying the type of exterior cladding can result in a significant price differential when it comes time to replace it in 50 years, for example. This will result in a lack of sufficient funds to carry out the work and therefore an extraordinary assessment for the co-owners…

It is precisely to avoid such situations that it is preferable to call upon a team with the necessary experience for its contingency fund study. Also, make sure that the company offers you a reassuring framework from the very first contact and gives you a contingency fund study that is subject to rigorous quality control.

Criterion #2 | Other services offered
By doing business with a firm that can offer you other services for your contingency fund study, you are also assured of privileged access to a whole team of building specialists. This way, if you are ever confronted with a water infiltration problem, you will be able to benefit from the visit of an expert quickly.

Ask about the support available, since some companies offer personalized support services. For example, when the time comes to choose the right contractor to do business with from among the many bids you will have received, you can talk to a building specialist. They will take a look at your inspection report, compare the different bids, evaluate the one that best suits your situation and advise you on how to proceed.

Criterion #3 | Concrete and cost-effective advice
Since the primary objective of Bill 16 and the contingency fund study is to ensure the longevity of the building, it goes without saying that the company must provide concrete, applicable and profitable advice over the short, medium and long term.

How can this be done?

Simply by avoiding extraordinary contributions through planned work and maintenance, by extending the life of the building and its various components and by allowing you to get the most out of each of your interventions. In other words, you’ll spend less, but at the right time for the right work!