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http://dx.doi.org/10.6106/KJCEM.2017.18.3.012

Estimation and Adjustment Model Considering Time Value of Money for Long-Term Maintenance Cost of Apartment House  

Koo, Seonkeun (Department of Architectural Engineering, University of Seoul)
Kim, Jonghyeob (Department of Construction Management, University of Washington)
Jun, Inyeong (Department of Architectural Engineering, University of Seoul)
Kim, Yeongjin (Department of Architectural Engineering, University of Seoul)
Yoon, Yousang (Corp. PMPgM)
Hyun, Changtaek (Faculty of Architecture, University of Seoul)
Publication Information
Korean Journal of Construction Engineering and Management / v.18, no.3, 2017 , pp. 12-21 More about this Journal
Abstract
From 1960, the government decided to build apartment houses on a large scale in order to resolve the rising housing problems. However, the maintenance issues that have arisen from the deterioration of housing has not received adequate attention. The policy focuses only on the supply of housing. By passing new laws, the durable period during which buildings allowed reconstruction was increased, and long term maintenance plans were treated as important issues. The government was then obligated to establish certain long term maintenance plans and costs by legislating a Housing Act and requiring it be adjusted every three years. However, when planning long-term repair costs, doing so without considering the time value of money would become a problem. In addition, if differences between the planned repair costs and actual costs occur, it becomes necessary to adjust the long-term repair costs but, as of yet, the criteria to adjust such things does not exist. For these reasons, if there is lack of money to execute large-scale repair work, a building is unlikely to respond to deterioration of housing; on the other hand, an unnecessary reserve or pool of money can lead to conflict among residents. Therefore, this paper will propose estimation and adjustment models considering the time value of money for long term maintenance costs of apartment houses.
Keywords
Long-term Maintenance Plan; Long-term Maintenance Cost; Maintenance Management; Life Cycle Cost(LCC); Apartment Building;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
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