Managing budgets at senior living communities isn’t easy with competing issues and a finite budget. Some community managers attempt to cut costs through deferred maintenance. While this might offer an easy solution, it also comes with risks. In most cases, putting off maintenance will cost you more in the future. It can even be an issue for resident safety.
This post will explore the hidden costs of cutting back on maintenance.
The Risk of Deferred Maintenance in Senior Living
Shorter Asset Lifespan
The buildings in your senior living community have several components and systems. These assets have a limited lifespan, from plumbing and HVAC to the roof and the lights. Skipping routine maintenance accelerates wear and tear, causing these systems to fail prematurely. With the high costs of replacing systems, maintenance can save money over time. Additionally, maintenance helps various systems operate efficiently. That means you can save money on utilities by performing routine maintenance.
Increased Repair Costs
A lack of maintenance can also increase repair costs for various components and systems. For example, catching a small roof leak can prevent the damage from spreading. There’s also the reality that emergency repairs tend to cost more than planned maintenance. Poor maintenance will also likely result in more frequent issues requiring costly repairs. Over time, the additional expenses will far outweigh the savings from deferring maintenance.
Health and Safety Issues
Deferred maintenance creates significant health and safety issues for residents. It can result in hazards like cracked sidewalks, loose flooring, or broken handrails. These issues increase the risk of falls. Poor maintenance may also expose residents to mold or allergens that may increase the risks of respiratory problems. Poor plumbing maintenance could result in unsanitary conditions for residents. With resident health and safety being a top priority, you can’t afford to let these issues slip.
Impact on Property Value
Delaying maintenance accelerates the deterioration of various components or systems, leading to reduced property value over time. Visible signs like peeling paint, worn carpets, and damaged shingles can also drag down value. If you plan to sell the property or use it for loans, the lack of maintenance will impact the finances. There’s also the cost of getting caught up with a large repair backlog.
Resident Satisfaction
Adequate maintenance is also essential to ensure resident comfort and quality of life.
Something like a sudden breakdown of the HVAC system can lead to an uncomfortable environment. Visible signs of wear can also affect how residents feel about the community. These problems can result in low satisfaction and may even impact occupancy rates. Regular maintenance ensures a pleasant and healthy environment.
Deferred maintenance can also have reputational consequences, and in some cases, it may even result in legal liability. However, when you consider the complete picture, routine maintenance is worth far more than the initial cost.
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