High-rise associations are residential buildings typically consisting of 10 or more than 10 stories that offer individual units for purchase or rent. These buildings are designed to provide or offer convenient access to shopping, dining, and entertainment. Property management of high-rise condominiums involves performing various tasks and assuming multiple responsibilities. One of the primary responsibilities is building maintenance, which entails the upkeep and repair of the building’s structure and systems. This includes maintaining elevators, Heating, ventilation, and air conditioning (HVAC) systems, and fire suppression systems, as well as ensuring that common areas are clean and the building meets safety and health codes.
Maintaining high-rise buildings can be more challenging than other types of developments as they involve more costly projects. These projects may include repairing facades, managing elevator controls, and maintaining domestic water piping and other major building infrastructure. To properly plan for and fund these critical projects, it is essential to conduct a professional reserve studies for high-rise associations. This study will help identify the capital repair and replacement needs of your building and establish a financial plan to support these projects as they arise. Reserve studies for high-rise associations include other elements of building such as external building elements, internal building elements, building systems and services, and vehicle storage which explained in detail.