What Will The Board Need To Provide?

Reserve Study preparation requires governing documents, budgets, balance sheets, component inventories, site maps (plats), detailed responsibility maps (fences, roads, open land, etc), blueprints, access keys / codes, project location driving directions, vendor proposals, preferred vendor contacts (painters, roofers, pavers, landscapers, etc), engineering studies and any prior reserve studies.

What Happens During The Site Visit?

The property inspection is conducted following a review of the documents that established and identify all common area assets. Estimated life expectancies and life cycles of common area components are based on conditions that are readily accessible and visible at the time of the inspection. The property inspection will not include any type of intrusive […]

What Does A Reserve Study Cost?

The cost of a reserve study is dependent on the complexity, size and location of an association and is basically a function of the time taken to prepare the report. Reserve study options and associated pricing is generally provided on request from a service provider. Once a Reserve Study is completed for a community or […]

Is There A Legal Requirement To Get A Reserve Study?

In recent years many states, including California, Oregon, Hawaii, Utah, Virginia and Washington, have introduced laws which mandate the requirement for condominium and homeowner associations to have reserve studies prepared on a regular cycle (1 to 6 years). Other states such as Montana and North Dakota have no specific legislation in place. However, even when […]

How Often Should We Get A Reserve Study?

The board should conduct a reserve study that includes an ‘on-site’ inspection of accessible reserve items at least every three years (consult applicable state statutes for any additional compliance requirements). These necessary updates provide statutory compliance and allow for adjustments due to actual year-end reserve balance and the unpredictable nature of the lives of many […]

Who Should Have A Reserve Study?

Any business or association responsible for the long term maintenance and replacement of significant assets can benefit from a Reserve Study. This insures that there is no future loss of value due to the deterioration of the assets. Reserve Studies are generally performed for homeowner associations, town homes, condos and property owners associations, but also […]

What Is A Reserve Study?

The reserve study is a budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset the expected future major common area expenditures. The reserve study consists of two parts: the Physical Analysis and the Financial Analysis.