When it comes to condo living, peace of mind starts with a solid plan. That’s exactly what our Reserve Fund Study for Walker Lake Landing aims to deliver. Located in Edmonton, this 158-unit condo community includes two well-maintained residential buildings. Our role was to help the Board create a clear, cost-effective roadmap for maintaining key features like roofing, windows, parking, and landscaping. The goal? Keep everything running smoothly so residents can enjoy their homes both now and in the future.
What is a Reserve Fund Study?
Think of it as a long-term maintenance and budgeting guide. We assess the major components of a property and forecast when repairs or replacements will be needed over the next 25 years. Then we build a financial plan to ensure there will be enough funds available when the time comes.
For Walker Lake Landing, we used a Minimum Fund Balance approach that factors in inflation, interest rates, and realistic construction costs. The plan includes a 3% annual increase in reserve contributions, which helps the fund grow without causing financial strain.
What We Found
Walker Lake Landing is in solid condition, but we did highlight a few areas for future attention:
- Underground Garage: Visible cracks and surface wear suggest it’s time for a more detailed inspection.
- Roof System: A professional assessment is recommended to ensure everything is aging well.
- Parking and Driveway: Some areas were covered in snow and ice, so a second review during warmer weather is ideal.
These aren't urgent issues, but addressing them early can help avoid unexpected costs down the road.
Recommendations to Stay on Track
Here’s how the Board can continue to stay ahead:
- Review the reserve fund study every year, and plan for a full update at least once every five years.
- Add a 10% buffer to project costs to account for design, coordination, and other services.
- Use this study as a flexible guide, especially in the first five years. It can be updated as building needs evolve.
With a well-thought-out reserve fund strategy, Walker Lake Landing is set up for long-term success, stable budgeting, and fewer surprises for its residents.
