Check updated State information regarding legislation on Reserve Studies and funding requirements. Refer to the Laws Tab on our site for more information. The Community Associations Institute also has up-to-date information as well as a clickable map and is a great resource for local information.
First time having a Reserve Study Conducted? We have you covered, head to our Services Page to learn more!
If you have already had a Reserve Study conducted then it's time to consider an update. Typically if not mandated by state legislation an HOA should have a Reserve Study updated every 2-3 years. It is considered best practice however to conduct an annual review of the current Reserve Study to keep plans for Capital Repairs and Replacements on track.
It's easy to assume that the best time to have your Reserve Study Conducted or updated is just before your annual budget meetings. However if an on site condition inspection is required it's important to note, based on where you live inspections can be weather dependent. Consider an auto-renewal for updates every 2-3 years with your provider to ensure the best timing of inspections.
The best time to request an Update Reserve Study is 2-3 months ahead of budgeting season which typically falls within the 4th quarter of the year. If however on-site visual property condition assessments are required for your update, you should plan on requesting an update with inspection in the 4th quarter for a spring inspection. Alternatively requests can be made in the 1st quarter for an inspection prior to budgeting season which typically is in the Fall or 4th quarter.
When you have fiduciary responsibilities you try hard to avoid surprises, but some things are out of your control. An updated Reserve Study can help minimize your liability.