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The Changes of Construction Costs In Your Condominium
Author:
Ryan Griffiths
Publication date:
August 25, 2022
Article Summary:
The article discusses the impact of rising inflation on construction costs in the condominium industry. Condo corporations are facing higher-than-anticipated costs for major repair and replacement projects due to increased prices for materials and labor. The Residential Building Construction Price Index shows that construction costs have risen significantly over the past two years. Condo boards need to reevaluate their funding plans and consider options like increasing condo fees, special assessments, or loans to cover the shortfalls.
Keywords:
Condominium, construction costs, inflation, reserve fund, funding plan, major repair, replacement projects, rising prices, funding shortfall, condo fees, special assessments, loans.
Source Citation:
Ryan Griffiths
The Changes of Construction Costs In Your Condominium
August 25, 2022
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