Our Reserve Study is a comprehensive report of any major components that will need repairs, restoration, maintenance or replacement within the next 30 years. Our study will follow the guidelines of the state codes or statutes. We will also evaluate the overall condition of the property and provide many useful recommendations.
A Reserve Study allows the Condominium or Resort Board & Management to offset the ongoing deterioration of the common areas with funds to ensure the timely repair or replacement of those common areas. When this is properly done, irregular reserve expenses are offset by ongoing, regular Reserve contributions. What you will find is that special assessments are then left for true emergencies, not expenses which could have been anticipated.
>>> Why Perform a Reserve Study?
The main reason is because all of the physical assets deteriorate with time. Deterioration is not just possible or probable, it is inevitable. It is commonly found in Governing Documents of most associations that the Board is required to collect an "appropriate" amount of money on a regular basis to offset the ongoing deterioration of the common areas in a resort or condominium community.
Most of the "major" components which the association is responsible to maintain will require replacement in an expected manner. It is possible to prepare well in advance for these inevitable expenses, spreading out the contributions evenly over time rather than a special assessment towards the owners. Advance planning is paramount.
