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Why Is a Reserve Study Needed?

There are 4 important reasons to conduct a custom reserve study.

  • To maintain the property's value and appearance
    A reserve study helps maintain the property's value and the property owner's investment. By identifying and budgeting for future capital improvements, the property's common elements continue to look attractive and well-kept, adding to the community's overall quality of life.
  • To fulfill the board of directors' fiduciary responsibility
    Board members of community associations have a fiduciary responsibility to their members. Directors are legally bound to use sound business judgment in guiding the association and cannot ignore major capital expenditures or eliminate them from the budget.
  • To establish sound financial planning and budget direction
    A comprehensive reserve study lays out a schedule of major repairs or replacements to common property elements and applies cost estimates to them. To ensure property owners have adequate reserve funding to cover anticipated costs, a reserve funding plan typically spans 30 years. In short, it's your blueprint for the future.
  • To comply with state law
    Many states now require community associations to disclose reserves, accumulate reserves or have professional reserve studies conducted. It's anticipated more states will adopt similar legislation.

We would like to put our thinking and experience to work for you. Let us provide you with a complimentary reserve study proposal.

We now include ForeSite with each of our reserve studies. ForeSite gives you 24/7 secure, online access to your reserve study, allows you to create alternate "what if" models and so much more.