Condo Building Safety Update
Gillen Property Management understands the significance of the recent legislation passed in Florida regarding milestone inspections and structural integrity reserve studies. Here's what you need to know:
Ensuring Structural Integrity for Condominium-Type Buildings
Milestone Inspections:
Required for applicable buildings 3 stories or higher and over 30 years old (25 years for properties near the coastline).
Must be completed by December 31, 2024, and repeated every 10 years.
Conducted by licensed architects or engineers in two phases to address any structural deterioration.
Structural Integrity Reserve Studies (SIRS):
Required for buildings 3 stories or higher.
Visual inspection (milestone inspection) performed by licensed architects or engineers.
Must be completed by December 31, 2024, and repeated every 10 years.
Identifies common areas, estimated remaining useful life, estimated replacement cost, and recommended annual reserve funding.
Key Provisions:
Recommended funding from SIRS must be included in the association's annual budget, effective December 31, 2024.
Reserve components include roof, load-bearing walls, floor, foundation, fireproofing, plumbing, electrical systems, and more.
Trust Gillen Property Management to oversee this process for your community, even if we are not your current property manager. Our experience and expertise will supplement your existing management team, ensuring compliance with the new legislation. Start planning for implementation and assessing the financial impact by contacting us today.