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.
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.
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.
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