Facilities Budgets—Planning for Your Building's Future

Morris Neal, RA

As a property owner, the day-to-day operation of your building has many moving parts. While most of the actions you will take will be reactionary, being proactive and prepared may be your best line of defense. Looking back on the previous year, you may have incurred some unanticipated maintenance expenses that required you to adjust your budget, creating deficiencies in other areas.  Creating a detailed and realistic facilities budget for the future can keep your facility running at its fullest functioning potential, also saving you time and money. In addition, if you are looking to acquire a property, lenders will want an itemized forecast of your facilities budget.  Owners who plan strategically can be more flexible and better prepared when selecting a future site.

First Things First