PCR / Property Condition Report
A property condition report is a technical description of the building that details the condition of the primary systems and components. Building materials perform, for the most part, in known ways and patterns; understanding the how the materials work together directs future maintenance and repair budgets.
Surprisingly, many home owners and condominium associations enter into long term capital management "plans" without first understanding their building's condition. Management companies usually rely on reserve studies generated with generic software, often leading to false assumptions. Often, assets are allocated for conditions that don't need repair.
It's best to understand where the building is at regarding current condition by individuals competent in buildng construction and maintenance, then plan for expenditures that provide the most value. A good Property Condition Report gives you the necessary information for understanding the condition of your building.