Corporate Headquarters
735 N. Water Street, Suite 175
Milwaukee, WI 53202
800-221-9882
Helping you understand community association business with industry leading insight.
Reserve studies are integral to the health and sustainability of any community association, but they aren’t just a capital planning tool – they play a direct role in influencing condominium and HOA property values.
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Whether you’re a community association manager, board member, or resident, having a firm grasp on the legal requirements for reserve studies and reserve funds in your state is crucial to your community’s wellbeing.
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Florida’s real estate challenges are not just a local issue—they are a lesson for us all. Underfunded reserves aren’t just a budgeting issue—they threaten community safety, financial stability, and long-term property values. By investing in their community today, associations can ensure a prosperous future.
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Maintaining adequate reserve funds is crucial to keeping any community association running smoothly. But, what exactly are adequate reserve funds, and how do they impact the board, managers, and residents?
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Updating your association’s reserve study is essential for the financial and physical wellbeing of the property and residents alike. Updates keep funding plans and repair and replacement schedules on track, and current and future homeowners will benefit from stable, equitable reserve contributions.
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Reserve studies provide a comprehensive report containing what may seem like an endless amount of information about your association, and can be understandably intimidating to digest. While all the details provided are valuable, reading and utilizing a reserve study report doesn’t have to be an overwhelming task. If you’re looking to get to the meat and potatoes of your report, this guide is for you.
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As you know, dues and special assessments come with the territory of residing in any type of community association. Understandably, it can be confusing for boards and residents to navigate exactly what both of these payments are used for, when they should be used, and how they affect the association as a whole.
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When you commission a reserve study, you’re commissioning an overall health check of your community, much like an annual physical exam with your primary care provider. However, when there is an issue with a specific organ or body part, a specialist in that particular area will join your list of physicians to uncover the root of the issue and formulate a remedy.
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As awareness regarding reserve studies continues to grow, many associations that have not yet commissioned one are asking themselves, “do we need one?” While this question is easy to answer in states such as Florida and Maryland who recently put into place legislation requiring reserve studies, in states without a legal requirement, the question remains.
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With the budget season fast approaching, it’s time to seriously consider your association’s near and long-term financial needs, goals, and ultimately, its future. Capital planning is no easy feat, but having a continuous blueprint for the future is the key to a thriving community.
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Corporate Headquarters
735 N. Water Street, Suite 175
Milwaukee, WI 53202
800-221-9882
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