Subdivisions, planned communities, and condominium owners are different types of communities and offer different types of amenities and surroundings. However, there is one common denominator that people living inside these communities are obliged to conform with to ensure the common good of everybody while accessing or using the amenities of the community,. That is paying dues to the HOA reserves. Homeowner’s association boards are elected community members who are tasked to look after the shared amenities and physical assets of the community. And to ensure that each of these assets will maintain its value over time, a carefully planned, a HOA reserve study should be conducted by the association to properly allocate the monetary resources necessary for any maintenance or improvements of the amenities and assets in the future.

What is a HOA Reserve Study

As this info-graphic show — a HOA reserve study is a process by which the association conducts an in-depth analysis of the physical condition of shared assets and amenities as well as of its reserve funds. The association can conduct this study by themselves, although it is a more common practice to hire the service of independent consultants to ensure the reliability of the analysis as well as the accuracy of the cost estimates.

Your Future in a Nutshell

The output of a reserve study is supposed to give the whole community an idea which of their shared assets need an immediate maintenance improvement as well as appropriate funding plan to offset the anticipated reserve expenses. Some of these shared assets include walkways, shared rooms, clubhouses and swimming pools, parks, heating and cooling equipment, roofs, fences, etc.

Use Experts

To ensure that the final insights and budget are balanced and realistic, the independent consultants are often made up of a group of engineers, designers, and architects. Because of their extensive knowledge about structural analysis and cost estimates, there can be no doubt that they are the best people to consult when conducting a reserve study.

To know more, check this simple guide from Lockatong Engineering that will help you plan and execute a reserve study for your community today.

Latest posts by Robert N Roop (see all)

Pin It on Pinterest