Managing Projects in an Era of High Inflation

Managing projects in an era of high inflation can be challenging for condominium owners and boards. The article suggests relying on the Building Restoration process, starting with the Reserve Fund Study and Condition Assessments, to prioritize projects and make informed decisions. Deferring projects may not be a cost-effective solution, as inflation can increase project costs significantly over time. Boards should carefully evaluate the financial implications of deferral and consider long-term lifecycle costing. Inflation can also impact condo fees, requiring larger contributions to the Reserve Fund. To avoid financial crises, planning and communication are essential, and the Board should make use of financial documents to assess the Corporation's financial health and structure the best investment plan. Following these practices can help condominium communities navigate uncertain times with confidence.