If you are undertaking Major Capital Improvements in your building, it’s important that you address these issues carefully and with an eye to budgeting for them. From new roofs to Local Law 11 work to elevator modernizations, now more than ever it is essential to plan these projects out early and completely so you do not have any surprises.
At Rudd Realty, we begin by making sure we choose the right professionals. The right professional with the right spec’s enable us to save money on these projects. And saving money is one of the most important aspects of what can do for our clients.
Next we address the funding of Major Capital Improvements in our annual budgets for each building. How will you pay for the project—do you have enough in the reserve fund? Will you need to raise maintenance or common charges? Will you have to pass along an assessment? While the projects need to be done—many of the MCI’s we oversee are mandated by the city—paying for them can be difficult.
That is why we begin each project early and spend a lot of time planning for them. You cannot budget for a Local Law 11 job if you do not know what it will cost. We have close working relationships with all the professionals needed—in this case, engineers and architects, exterior maintenance contractors, sidewalk shed companies—and we know that when they give us a price, they will hold to that price.
Once we have a price for the job, we then decide where the funds will come from—is the reserve fund sufficient to get the job done? Has maintenance been raised this year? Has the building passed along assessments recently? All of these factors have to be carefully weighed to make the project as easy to pay for as possible.
At Rudd, our expertise is used to create solutions for our clients. We pride ourselves on managing Major Capital Projects efficiently, making sure they come in on time and on budget. Rudd Realty has the track record to manage these projects for our clients and we welcome the opportunity to help new clients avoid the pitfalls many inexperienced managers fall into.
If you are getting ready to replace a roof, start a Local Law 11 project, replace windows or elevators, I encourage you to call me, Fred Rudd, directly, at 212-319-5000. We at Rudd Realty are devoted to getting the best outcomes for our clients.