Knowing the useful life, or life expectancy of buildings and equipment gives you the data to develop a replacement schedule. If you painted the outside of a building in 2011, and the paint is expected to last 5 years, you can plan for human resources (staff, contractor, and/or volunteers) and financial resources in 2016.
During the Redwoods webinar a few weeks ago, a person asked how to determine the useful life of buildings and equipment. Wynne responded that there are at least four ways to build your list:
- Begin with the list and information found on pp. 99-101 in the book Outdoor Site and Facility Management
- Web searches. Use different searches, one for residential and a second for commercial.
- Purchase info, warranties. When you buy carpet, it may have a life expectancy, such as 7 years.
- Your own record keeping. Boat docks in Florida might last longer/shorter than a dock in Maine. A software program such as Lodgepole Property System can help you keep track.
Having a written replacement schedule helps facilities staff, executives, and financial staff/committees be proactive, rather than reactive. An essential key in good property management.