To quote Ben Franklin, “An ounce of prevention is worth a pound of cure.” In other words, it’s easier to stop something from happening in the first place than it is to repair the damage after it has happened. Prevention is a very important aspect of property management, both for commercial buildings and private residences. For instance, let’s consider the costs associated with what you can expect to be your most pricey replacements: your roof and HVAC.
The typical cost for a full roof replacement for your home is between $5,000 and $10,000, but can be up to $30,000. For industrial buildings, the cost is usually between $3 – $8 per square foot. These numbers depend on multiple factors, such as roof size and pitch, materials, and climate. Meanwhile, a full HVAC replacement and installation for your home can cost up to $12,000 – imagine how much this can balloon to in a large industrial or office building!
With these costs in mind, perhaps a more fitting axiom is that “a dime today is worth a dollar down the road.” A filter change and unit inspection in a residence will cost you about $50 per vent, and should be done bi-annually. A roof inspection typically costs around $200, and should be once a year in moderate climates. In climates where snow and ice are present for several months a year, and/or summer temperatures are typically above 80° F, this should be done twice a year.
Prevention is clearly the less costly option. When overlooked, small problems will often become medium size problems, which will eventually turn into large, expensive problems. This is why the Property Management team at Premier takes pride in performing as much preventive maintenance as possible.
As always, we thank you for your interest in our company, our team, and our projects. The Principals at Premier have been investing successfully for almost 40 years. We look forward to sharing our success with you.
Co-Founder and CEO, Premier Crowdfunding
President, Premier Development Partners