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Helping you understand community association business with industry leading insight.
In 2022, a prominent 36-story high-rise condominium association and its adjoining garage association in downtown Chicago completed their first reserve study. Unfortunately, the firm they chose to complete this study left the board questioning the quality and usability of the report, leading the association to doubt the value of reserve studies altogether.
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Whether an association has 300 units or 30, managing and planning for the maintenance and reserve funding for community components is never an easy task. Even small associations will face large-scale projects, and without the foresight to prepare for them, boards may find themselves in a sticky situation.
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No matter how long an association has been established or how many reserve studies they’ve completed, even the most experienced properties face challenges that only periodic reserve study updates can help mitigate.
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It’s rare to find two condominium associations with identical footprints — let alone facing nearly identical capital planning challenges. Yet that was precisely the case for two long-standing Reserve Advisors clients who began their capital planning journey in 2012.
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