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CONDOMINIUM RESERVE STUDIES


roofing

Roofing

With a variety of roofing products a condominium buildings should choose a material and vendor that best suites the building and the long term goals of the community. 

siding

Siding

Advancements in siding technology in recent years has extended the useful life of many types of siding so that they can be cost effective and long life components with little required maintenance. 

window and door

Windows / Doors

Windows and doors are often the location of water intrusion issues and need to be caulked and inspected on a regular basis. These are long life components which often last in excess of 30 years. 

deck repair

Decks

Decks are very costly to replace but a condo community can extend the useful life of this component with proper maintenance and waterproofing which protects the integrity of the decking system.

pool replaster

Swimming Pools

Swimming pools and hot tubs require ongoing maintenance and typically have larger scale re-plaster, tile/coping replacement, deck resurfacing and pool plumbing replacement on a longer time frame.  

clubhouse remodel

Clubhouse / Recreation Bldg


Most clubhouses will last well beyond the timeframe in which they become functionally obsolescent. Large scale remodel projects are typical for most communities every 25-30 years to meet member expectations of these areas. 

paint and stain

Painting / Staining​ / Sealing

Painting / Staining / Sealing are some of the most important components of a condominium building. They are a protecting barrier from the elements and when not completed on a regular 5-7 year cycle often leads to water intrusion issues

hvac elevator

Mechanical Equipment


Mechanical equipment for the HVAC system, elevator and plumbing are usually hidden out of site but that does not mean they should be out of mind. These components require ongoing maintenance and are costly when it is time to replace or refurbish them. 


HOW CONDOMINIUM COMMUNITIES BENEFIT FROM A RESERVE STUDY


A reserve study is a tool a Board can utilize to increase the aesthetic appeal of a condominium community, elevate the marketability of the units and aids in the lending process.  


One of the most beneficial uses of our reserve study is for the long term budgeting and planning of community projects. Areas that are often overlooked or ignored are included in the study with their respective costs so the Board has a timeline to base their decisions on. 

 

Utilizing our reserve studies to the fullest will aid the Board in adequately managing large projects that will in turn help to retain or elevate the appeal of the community which in turn will help with market values. 

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In recent years Lenders have been much more restrictive on their lending guidelines for condominium units with most now requiring a certain percentage of the budget to be placed towards the reserve account and review of an independent reserve study by a qualified professional. We have provided assistance with many communities seeking to FHA approval by providing recommended funding plans which meet FHA guidelines. 

 

Condominium Boards are required to provide annual disclosures to the community with relation to the reserve account, percent funded and loans / special assessments being planned or implemented.


All of our reserve studies include a disclosure form which complies with state regulations. Sample Assessment & Disclosure Form Here >>>


Typical disclosure requirements include the adopted budget amount, reserve allocation amounts, the adequacy of the reserve allocation versus the reserve study recommendations and loan/special assessment planned or implemented. 

 

Knowledge of building & site components, costs and concepts such as the fully funded balance and percent funded are needed to adequately comply with state disclosure regulations. As a service to our clients we include these disclosure forms in our fees for the reserve studies performed.


Our reserve studies provide detailed long term projections for the expected common area components expenses. Within our studies we provide numerous funding plans which are broken down to annual and monthly, per unit, recommended allocation rates to the reserve account. 

 

It has never been easier for the current and future Boards to implement and follow a long term budgeting solutions which places the community on sound financial ground, while fairly assessing community members and building up an adequate reserve account. 

 

Our studies are catered to each client's goals while complying with National Reserve Study Standards and Statutory requirements. Take a peak at what our studies have to offer at the link below: 


Reserve Data Analysis Studies >>>>