Why are our reserve dues higher or lower than neighboring communities? The reserve dues in your association have very little to do with other associations’ reserve dues. There are many factors that go into figuring out the current reserve dues. Some of the main differences for current reserve dues of competing communities may be: The […]
FAQ
Reserve Study Frequently Asked Questions Part 7
We have to make very costly renovations to our building and do not have the reserve funds to cover it. What should we do? In this case, there are two realistic options the board has. The first is to get a bank loan for the community to cover the cost of the renovation. There are […]
Reserve Study Frequently Asked Questions Part 6
What are some of the most typical reasons that a reserve study would require revisions? A reserve study can require revisions for a number of different reasons. Some typical reasons may be that the reserve study had omitted a reserve item or certain group of items. It is also possible that the reserve study included […]
Reserve Study Frequently Asked Questions Part 5 – Florida Specific
Do I have to have a reserve study for my association in Florida? No. There is no part of statues 718, 719, 720 (condominiums, co-operatives, home owner associations, respectively) that mandates that associations get a reserve study. Not only do these associations not need a reserve study, but they can choose to waive funding of […]
Reserve Study Frequently Asked Questions Part 4
Where do the cost estimates come from? The cost estimates come from various sources. However, Marshall Swift cost data services is generally thought to be the most comprehensive data service. We also use the National Construction Estimator. Additionally, if an association has a recent construction bid to perform a construction project, we will use that […]
Reserve Study Frequently Asked Questions Part 3
What is a Reserve Specialist (RS)? A reserve specialist is someone who prepares reserve studies that has earned the RS designation through the Community Associations Institute (CAI). CAI is the largest organization in the country that specializes in all aspects of community living, more specifically condominiums, co-operatives, and home owner associations. To earn the RS […]
Reserve Study Frequently Asked Questions Part 2
What amount of reserve funds are adequate? This may be the most common question we are asked. However, there is no universal answer. The amount of money that an association should have at the present time depends on many things: the age of the community and/or reserve items, how soon reserve items will need to […]
Reserve Study Frequently Asked Questions
Why should we hire a professional to perform a reserve study? In short, reserve analysts have access to all of the necessary resources to complete an accurate analysis of your reserves. They also have a thorough knowledge of the inner workings of community associations such as an HOA, condominium, or co-operative. Due to their continual […]