Common Area Asset management

Condominium and town home directors face continual pressure to keep assessments low. Often the drive to maintain low assessments ignores investments that will reduce operating costs and defers necessary maintenance and replacement of common area elements that are outside of the public areas. This typically leads to reactive decision making and crisis management when a common area element fails (e.g. bricks and stones are dislodged in the winter, a water heater fails, a pipe breaks sending water cascading down eight floors). Unfortunately reactive decision making usually results in paying premium prices and imposing special assessments.

The alternative to reactive decision making and crisis management is proactive asset management. The Meridian Group's Common Area Asset Management Program enables condominium associations to work through multiple years of deferred maintenance resulting in more stable and manageable assessments. We help condominium associations correct deferred maintenance and provide an ongoing map to manage long-lived common elements through a comprehensive assessment followed by implementation of a phased action plan.

The Common Area Asset Management Plan ("CAAMP") acts as a catalyst to aid condominium associations by: