Successful Capital Improvement Projects for Commercial and Multi-Family Residential Buildings
At some point, every building manager realizes there are big-ticket projects that he or she can’t defer. These projects involve repairs and replacements for parts of your building that are not part of normal maintenance. This post is the first in our five-part series that will provide tips on completing capital improvement projects successfully.
Examples of Capital Improvement Projects
- Roof Replacement
- Siding and Trim Replacement
- Balcony Repairs and Replacements
- Driveway/Parking Lot Resurfacing/Replacement
- Site Drainage Improvements
- Interior Remodeling Projects
- HVAC and MEP Replacements
All these projects require significant effort, funding and commitment. The resources required make strong project management a key part of the project’s success.
How to Identify Capital Improvement Projects
There are several ways in which building managers can identify potential capital improvement projects. If you manage a residential building, it’s likely that your association board is fielding ongoing complaints from homeowners about repairs they think you should make. It’s also likely that you or your staff has found issues during a property walk. Hiring a licensed professional engineer or architect to evaluate an issue will help solidify the need for a capital investment.
Five Steps of Successful Capital Improvement Projects
Successful building managers know that capital improvement projects can go wrong quickly. The five steps below may seem basic, but if they’re not executed properly, you’ll find yourself over-budget with blown deadlines.
The five steps are:
- Form a project team
- Prepare project documents
- Obtain bids
- Secure funding
- Perform the work
Hiring a professional building engineering firm to partner with you in managing your capital projects can be key to completing the project. The best engineering firms bring real-life construction experience to the job. This experience enables the engineers to predict and prevent delays and cost overruns.
At Engineering Support Services, we specialize in helping building managers through all types of capital projects. Come back next week for our post on forming a capital improvement project team. You’ll learn some tips from the pros that will help you build a strong team – the foundation of capital improvement project success.