ALL common-interest properties should have a Reserve Study. In some states, it is required by law - and some states further require the report to be updated on a regular basis. A Reserve Study provides a comprehensive review of your property's physical condition, and the reserve fund that is responsible for its upkeep over time.
A Reserve Study gives you the information you need to make important decisions about maintenance and replacement issues, the funds required, and how they are spent in the future. As an Association Manager or Board member, it also gives you the confidence that you have properly reviewed your facility's financial health, and constructed a solid plan for expenditures that will be necessary in the future.
WITHOUT a current Reserve Study, your reserve fund and annual contributions may seem adequate - and they may very well be - but you need a plan for capital replacements over the long term. Another issue is that Board members change over time, and a new Board may re-think your reserve strategy. It's best to make a plan and then follow it!
When you use a professional reserve advisor like Community Advisors, you have access to our many years of experience. We have worked with associations of all kinds, including ones that were under-funded. We've solved complex issues of funding capital replacements, and developed logical, cost-effective solutions for each one. We can provide a long-term plan that is custom-made for YOUR community.
Community Advisors will prepare your Reserve Study using information that is specific to your community, plus current local replacement costs. We use the best tools available to produce your Reserve Study including custom software and aerial photo quantity analysis. We also have a network of consulting engineers and construction professional available to provide solutions for your community. Your Study will be accurate, simple, and easy to understand. We can discuss your Reserve Study subject to availability and travel expenses.