Ensuring the structural integrity of buildings is a primary concern for community associations in Florida, where climate and weather events can pose a significant threat to buildings and their residents. Structural Integrity Reserve Studies (SIRS) address this by offering crucial insights into a building’s condition and future maintenance needs, safeguarding buildings against potential damage and regular wear. Still, the financial implications of the required implementation of these studies have proven a significant challenge for many associations.
Implementing the study’s funding recommendations for structural components, which is required by law, has become an obstacle for many communities. Associations may struggle to balance current obligations with the need to build adequate reserves for future structural maintenance identified in their SIRS. Of course, previously underfunded communities will feel this burden most significantly, but the truth of the matter is that the majority of associations will see an increase in their funding needs. But, just how big an increase are we seeing?
SIRS: Results by the Numbers was compiled to provide a glimpse into the average increases in reserve contributions we have seen thus far based on factors such as association size, age, and more. This information has proven beneficial, as it allows us to see how associations’ SIRS results and recommendations are trending and allows individual associations to see where they might stack up. Additionally, this data helps to uncover the financial challenges our clients may face so we can best understand how to tailor our process and recommendations to set them up for success.
SIRS: Results by the Numbers
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