Reserve Study Update
Post date: Jul 7, 2016 9:53:20 PM
The Board is reviewing the updated Reserve Study that was recently prepared by Reserve Advisors, Inc. After the Board completes their review of the information, it will be posted on the website for all unit owners to review.
Why have a Reserve Study? The Board needs a plan for the maintenance of the assets of the association (i.e. concrete replacement, roof replacement, etc). A Reserve Study specifies when each capital project will require repair/replacement, at what cost, and options for funding these capital projects.
A professional Reserve Study provides a blueprint for the current Board and future Boards to follow in maintaining the Association’s common elements, and can often provide recommendations that prolong the life of those elements and save the unit owners significant dollars over the long term. An accurate and updated Reserve Study provides valuable information and insight to the Board in regards to both short and long-term expenditures when preparing annual budgets for the Association.
In addition, a professional Reserve Study can be a great marketing tool to prospective buyers and their lenders. It shows that the association is managed with expert advice, which adds value to the property. A Reserve Study also provides the owners with a high comfort level that their investment in their property is being managed properly.