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Capital Expenditure Planning Checklist
Assessment and Identification
Conduct a thorough property inspection to identify potential capital expenditure needs.
Evaluate the current condition of major building systems and components.
Consult with property managers and maintenance staff for input on recurring issues.
Budgeting and Forecasting
Develop a detailed budget for each identified capital expenditure project.
Include contingency funds for unforeseen expenses.
Forecast the long-term financial impact of the capital expenditures on the property's value and operational costs.
Vendor Selection and Contracting
Research and shortlist qualified vendors for each project.
Request and evaluate detailed proposals and bids from potential vendors.
Negotiate and finalize contracts, ensuring all terms and conditions are clearly defined.
Implementation and Monitoring
Set clear timelines and milestones for each project.
Regularly monitor progress to ensure adherence to budget and schedule.
Address any issues or delays promptly to keep projects on track.
Post-Completion Review
Conduct a final inspection to ensure all work meets quality standards.
Review and verify all project documentation and closeout requirements.
Assess the overall success of the project and document lessons learned for future reference.
