In the first step we assign a dedicated committee for the reserve study. It is vital and critical to have a group of reserve study expert who will be responsible for monitoring the study’s progress and reporting to the board.

In the second step we will define the depth of the reserve study. Moreover we will determine the level of detail required and whether a site visit is necessary or not.

In third step we will gather all necessary financial and property details. To ensure that the reserve study process runs smoothly and efficiently, it is important to collect and organize all relevant information.

In fourth step we will employ a competent reserve study specialist. We strongly suggest hiring an HOA management company that specializes in reserve studies. These studies may be legally required and could impact your eligibility for loans or insurance. Involving experienced professionals will minimize your chances of encountering problems.

In this step we will evaluate and approve the study. When the study is completed, have your board evaluate it. If everything appears to be correct and clear, they can give it the final approval.

In this phase we will develop a financing plan. The reserve fund won’t finance itself! Whether it’s time to increase assessments or secure loans, make sure you have a plan for obtaining the necessary funds to cover required repairs.

Inform the community of the study results. Communication is essential! Apart from financial transparency, your residents will be grateful for knowing what projects to expect in the future. For example, if you plan to reseal the community pool, it’s essential to give residents advance notice.

In the last step Regularly assess and revise the study. Your assets, along with the condition of your properties, will alter over time. By having regularly updated reserve studies, you will have the most current information. The more precise your data, the simpler it is to keep things under control.