When funds are tight, prioritizing property maintenance is akin to managing a business budget—every dollar counts! Focus on essential repairs that ensure safety and compliance first, as neglecting these can lead to more significant costs down the line. Consider implementing sustainable practices that not only save money but also enhance the building's value over time. Just like in business, a proactive approach to maintenance can prevent crises and keep your property running smoothly. Remember, investing in your condo building today can save more money down the line! ????

When funds are tight, prioritize maintenance that directly impacts safety and compliance, as these are essential to avoid legal risks and ensure resident well-being. Next, focus on repairs that prevent further costly damage, like fixing leaks or addressing structural issues as these protect the property’s long-term value. Prioritize projects that improve high-traffic or highly visible areas to maintain appeal for residents and prospective tenants. Finally, consider resident requests based on urgency and impact, especially if addressing them can boost satisfaction and reduce turnover, which ultimately helps maintain stable occupancy and cash flow.

When funds are tight, I prioritize projects by focusing on what impacts tenants the most and what keeps the property safe and compliant. First, I address any safety concerns—anything structural, plumbing, or electrical has to be handled right away. Next, I look at what will help retain good tenants or maintain the property’s value; sometimes, even small upgrades make a big difference in tenant satisfaction. Finally, I consider the longevity of each project. If it’s something that will prevent bigger, more expensive repairs down the road, it’s worth moving it up the list.

If this is a project and no one is living at the address, the first thing to deal with is ensuring the property is secure - just so no one can get in whilst empty. The last thing you want is for anyone to hurt themselves on your premises; or to set up home! From here it is always health and safety first, including making sure that leaks are dealt and anything that presents even a slight risk of harm is repaired. Structurally you should know whether there are any issues before purchasing, so for me I would be focusing on the heating system, glazing, kitchen & bathroom facilities. The rest is more or less cosmetics.