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CAPITAL IMPROVEMENT/RESERVE PROJECTS

Why Connell’s Custom Exteriors

Capital improvement and reserve project planning and execution is a key component to the success of your association, awareness to homeowners and potential buyers, and maintaining your property value. Connell’s Custom Exteriors team of accredited HOA and project professionals understand the complexities of these projects and the importance of meticulous planning and flawless execution. We take pride in achieving the GAF President’s Club Award, being a GAF Master Elite Contractor, and solution for your projects.
 

As your dedicated partner, our experienced team is here to surpass your expectations at every step. Since 1999 Connell’s Custom Exteriors, Inc. has continued to raise the industry standards and prove you can relax, and rest assured the project is being handled by professionals.

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What is the difference between a capital improvement project and general repairs?

Capital improvement projects can include physical improvements like a new roof or a renovated pool house, as well as technological upgrades like energy-efficient systems for irrigation or exterior lighting. There is a difference between capital improvement costs and maintenance costs such as landscaping and deductible repairs that are completed to keep the property in its current condition.

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When it comes to capital projects, HOAs must look at the long-term benefits they provide in terms of increased property values, reduced maintenance costs, and improved quality of life for members of the association.

What are some key items to assist in capital improvements?

  • Annual Maintenance Calendar

  • Baseline Inspection Reports

  • Spring/Fall inspections

  • Long-term financial forecasting via Reserve Studies

  • Periodic work order review

What should be requested in a Request For Proposal?

A Request For Proposal commonly referred to as an RFP are typically sent to at least (3) three respected trade professionals to provide a proposal for requested services.

Items to include in an RFP:

  • Map of the association

  • Number of units included in the desired project

  • Due date of the RFP

  • Reference address within the association

  • Scheduled Board meeting date to discuss the proposal

  • Point of contact for any proposal related questions

  • Details on desired work apples-to-apples from all vendors

  • If the Board would like additional options or upgrades or only replacement

  • Will the project be completed in phases?

  • Will the project require loan funding or a special assessment?

  • Desired start date of the project
     

Additional items for vendor to include in their proposal:

  • How long has the vendor been in business

  • References from vendor for previous related projects

  • Licenses, certifications, insurance

  • Communication tools for project

  • Payment schedule

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Obtaining loan funding and commonly requested information for lender questionnaires:

Loan funding can fund a project immediately, provide current market price for labor and materials avoiding inflation, eliminates multiple project phasing resulting in potential cost savings, allows the Board to create payment arrangements for special assessments, and avoids depleting reserve funds.

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Common information requested on the lender questionnaires:

  • Copy of insurance policies

  • Reserve Studies/ Funding schedules

  • Building inspection reports

  • Delinquent homeowner dues reports

  • Number of units included in the project

  • Current special assessments & communications

  • Financial reports

  • Copy of the current budget

  • Rental vs Owned number of units

  • Project Contract

  • Fiscal Year-End

  • Is the association partially under developer control?

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