CHAPTER 4 • )·( CHAPTER SUMMARY Stewardship Is an Investment Strategy ,, Buildings rarely become expensive because of one catastrophic event. They become expensive because small problems are allowed to accumulate over time. ,, ro WHAT YOU'VE LEARNED 1. MAINTENANCE COSTS LESS THAN REPAIRS Routine maintenance usually costs significantly less than repairing damage after failure occurs. e • 0 2. 3. 4. DEFERRED MAINTENANCE LIFE-CYCLE COST BUILDING CONDITION CREATES RISK MATTERS PROTECTS VALUE Small deficiencies often The true cost of ownership A well-maintained grow into larger, more is measured over decades, property supports resale expensive problems not by the price of value, occupant confidence, when left unaddressed. today's repair. and insurability. A FINANCIAL COMPARISON 5. STEWARDSHIP IS AN INVESTMENT Every dollar invested in preservation helps protect many dollars already invested in the property. 0 STEWARDSHIP APPROACH 0 REACTIVE APPROACH 0 0 0 0 0 0 Predictable budgets 0 Emergency expenses Fewer emergency repairs 0 Accelerated deterioration Longer service life of building systems e 0 Shorter component life Better appearance and curb appeal 0 More disruption and inconvenience Higher property value and marketability 0 Reduced property value Greater peace of mind 0 Higher long-term costs -,9,- The goal of stewardship is not to spend more money. / n , , , SI FWJ\f?DSHlf' INSIGH l © JJ =;= The 90,1/ is to spcnc! ll10fll'Y cit thr' r i9ht time". ~ PROPERTY STEWARDSHIP IN PRACTICE How Routine Inspections Help Protect Every Exterior System Now that we understand why stewardship makes financial sense, the next chapter explores how routine inspections identify small issues before they become major repairs. You'll learn what to inspect, how often to inspect it, and what early warning signs every property owner should recognize. CHAPTER 4 I THE ECONOMICS OF PROPERTY STEWARDSHIP STEWARDSHIP TODAY. VALUE TOMORROW.
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