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12 Tips to Keep Your Units Full
Best Practices for Capital Spending
Capital spending refers to investments in major repairs and replacements. Typically, a capital expenditure is an expense of $2,000 or more for a building or landscaping project. It does not include maintenance-related repairs or replacements or any items that are normally described as operating
Fill Your Units
You can never get back the money you lose when a unit stands empty. Whenever a member gives notice, it’s important to get the word out, which is usually the responsibility of the manager. As soon as a prospect gets in touch, your co-op needs to follow up promptly. Otherwise, they will go elsewhere.
Your Operating Agreement
Almost all housing co-operatives that have received assistance under federal programs in Canada have, or once had, an operating agreement with Canada Mortgage and Housing Corporation (CMHC). The CMHC agreements set out what each party is required to do during a term that varies from 30 to 50 years.
Plan for the Future
Good planning is the secret behind a building that doesn’t look its age. Without a plan, your co-op can’t know how much you’ll need to save for major repairs. Until you know this, you don’t know what your housing charges should be.
Your plan begins with a recent building condition assessment that
Q&A on Undertaking Capital Projects
Aging in Place at Kensington Seniors Co-op, PEI
Does your housing co-op want members to age in place but isn’t sure what they’ll need? You can start with a simple upgrade, such as installing non-slip flooring at the entrance to your co‑op. Grab bars near toilets and showers are an easy fix, as are detachable shower heads with flexible hoses.
Depe
Tip of the Month
Capital Reserve Balance
61% of Agency clients hold a capital reserve balance of at least $6,000 per unit. By almost doubling the amount from 2007, co-ops are nearly twice as ready to meet their future needs.