CAI-NJ July 2022

CAPITAL IMPROVEMENT... from page 31.

sters and setting up staging to store materials. During this stage, your construction professional’s role is to make sure the contract terms are honored, manage change orders and billing, and ensure that all work meets your expected standard. If you went the design-build route,

You may feel like you’re inches from the finish line, but be patient. Much of the timing in this stage will depend on responses from the attorneys who are reviewing the contracts. In addition, the permitting process in various jurisdictions can take weeks or months. Your construction professional should be able to give you a sense of how the local permitting office works and what you should expect. Phase 7: Start Financing and Scheduling With the contract signed and final numbers in place, you can confirm your final loan amount and secure financing. In addition, your subcommittee, board, and construction team Now it’s time for your project to begin in earnest. You’ll continue the information sessions with homeowners, and your contractor’s project manager will visit units that are included in the first phase of work so that they can walk homeowners through the process. In addition, the contrac tor will prepare the property as a worksite, placing dump can finalize the work schedule. Putting Plans in Action

“...a well-run pre construction process helps mitigate homeowner risk, manage community stress, and maximize ROI.”

these responsibilities would fall to your subcommittee or board, and your lender might help if you took out a loan to finance the project. Capital Improvement projects can be significant endeav ors and a well-run pre-construction process helps mitigate homeowner risk, manage community stress, and maximize ROI. While it can last a long time and requires continued attention, you and your community can feel confident that your diligent planning set you off to a strong start. n

When SERVICE counts Matrix provides full service property Management from A to Z — we do it all

For more info, call me Today! Chip Hoever CMCA, AMS, PCAM

Vice President—Operations chip@matrixpmgroup.com 732 - 228 - 8200 ext. 1001

VISIT OUR WEBSITE www.matrixpmgroup.com

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