Reserve studies made for disclosures
Our main priority when completing reserve studies for condominium communities is to take into consideration the membership of the community over time. The reserve study should be a document that can be utilized for disclosing project costs and timelines of projects that are projected to occur over time so that more informed decisions can be made and appropriately addressed.
More Adequately Address Your Condo Reserve Budget
Just another day at the office...
It has been our experience that board members are frequently learning as they go and rarely have experience related to large commercial construction projects for common interest communities. So, making budgeting decisions related to the timing and costs can be extremely challenging when there is generally a lack of knowledge on the subject.
But... we have good news, this is where we excel. Our reserve analysts have years of experience related to condominium communities of all ages which help us provide the advice you're paying for.
Independent Professionals
In today's world it can be hard to find independence, but we have found this to be one of the most important and beneficial aspects of providing reserve studies to common interest communities. From property managers to real estate agents, insurance providers to lenders - everyone seems to have an opinion. We have found our independence from all vendors and professionals be to be in your best interest.
We take pride in our independence and have company policies in place that protect your privacy and ensure we continue to provide the independent advice we have been known for.
Comprehensive Reserve Studies
We take pride in providing comprehensive reserve studies that consider the building and site components that condo communities typically encounter. While some reserve projects are obvious (e.g., paint, roofing, landscaping, fencing) it has been our experience that frequently the most expensive are rarely even considered (e.g., irrigation, water and sewer shared pipes, electrical modernization, siding replacement, fire systems). We aim to create reserve studies that are going to adequately inform a community, its board and its management team.
Reserve Budgeting Principles for Condominiums
Fairness to owners
One of the prime objectives in a reserve study is to create reserve budget scenarios that are as fair as possible to the owners, over time. People ideally will pay their fair share; not too much and not too little in any time period.
Keep costs down
While there is often a perception that keeping on top of common area reserve projects is expensive, we have found that ignoring or deferring projects is typically the dramatically more expensive and way to budget for reserve projects
Elevate market appeal
The reserve study ideally will inform a board and management team of upcoming projects so that budgeting decisions can be made in a timely manner, preventing market appeal issues related to insurance, lending, and overall appeal to potential buyers.