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 in
the production of your Study, including industry-proven Reserve
Analyst™ software. Your Study will be accurate, simple, and easy to
understand. If you wish, we can also present it to your Board and
answer any questions they may have.
Please contact us for more information about Reserve
Studies and how one can benefit your association.