Reserve studies are an essential part of property management, especially for larger community associations. Many communities get them performed and rely on them for the long-term planning part of their budget. Nevertheless, some communities are reluctant to have one done. The following are five myths regarding reserve studies. Myth 1: Reserve studies are too expensive […]
DIY Reserve Study
Why Some Associations Hesitate to Get a Reserve Study
Associations can be reluctant to get a reserve study for a number reasons. There can be a general misunderstanding of what a reserve study does and what it accomplishes. Here are some of the most notable reasons community associations hesitate to get a reserve study: We Can Do It Ourselves This sentiment is pretty common. […]
Should We Do Reserves In-House?
Now that budget season is approaching, many boards are considering what they should do for their reserve allocations in their budget. There are a couple of options. The first is to calculate reserves in-house by members of the board or the association. The second option is to get a professional reserve study for the association. […]
Create a Reserve Study Yourself in 5 Steps
Reserves can be one of the most challenging aspects of putting together a budget. Some communities are very thorough with their reserve analysis, while others may not be as diligent. Attempting to estimate the amount of the reserves your community needs depends mainly on the size of your community and the amount of common area […]