What’s a Reserve Study?
As a top provider of Reserve Studies for community associations in Northern Virginia, our firm carries over 30 years of experience to provide a full analysis and quantification of assets within a community. These Studies – completed after an on-site inspection – help outline an annual funding plan for your communities Reserves, in preparation for long-term expenditures.
Our studies help community association boards and members by providing a clear understanding of their community’s assets by identifying and accounting for these assets and providing a funding plan that meets the community’s future expenses.
Why does my Community need a Reserve Study?
Reasons for Reserve Studies include:
- Prepare for future major expenses
- Protect and preserve property value through improved maintenance
- Make community member contributions more equitable
- Comply with state law requiring reserve studies
While the goals of community members may vary from person to person, everyone will share the desire to preserve and/or improve the shared assets within their community. Reserve Studies also help in achieving a fair way to plan for and collect funds for the communities shared reserves.
How Are Community Reserve Studies Conducted?
First, we’ll determine the limits and components of the common space.
Next, an on-site inspection is performed by one of our technical staff, to inventory, assess, and estimate the lifespan and replacement cost of the community assets.
Finally, a financial analysis is conducted and provided to our clients, ensuring clear communication of a recommended funding strategy for the community.