An increasing number of states have approved legislation requiring community associations to perform reserve studies. California, Florida, Hawaii, Illinois, Nevada, Virginia, Washington, and Canada have most recently adopted such legislation. As municipalities increasingly choose community associations as the “development model,” other states expect to create stricter legislation to address the planning reserve issue. Legislatures are realizing the importance of reserve studies and will continue to pass legislation to ensure property owners perform reserve studies.
”Our reserve study clearly gave the Board of Directors a map of which assets needed to be addressed and a structured plan on how to achieve those goals. The final report provides a clear and concise plan on how to best proceed to increase the value of all units in the condo association and get a larger return on investment.”
“We finally have a professional idea of how we need to plan for our financial future. I will encourage future boards to continue working with Building Reserves.”
“We intend to use the reserve study as the basic planning document for setting annual reserve contributions. The report allows us the ability to track specific assets to the annual cash flow and associated reserve contributions. The support provided by Building Reserves was extraordinary and very helpful.”