Condo Reserve Study
Professional Condo Reserve Study Services
Our professionals offer condo reserve study services so repairs and replacements in condominiums are funded and property value is protected and improved over time.
Experienced Condo Reserve Study Professionals
When property replacement costs and expensive repairs arise, a condo reserve study offers the necessary funding, so property values aren’t diminished. Our reserve studies also ensure that each property owner contributes a fair amount. We’ve conducted reserve studies for many Californian common interest properties, like tenancy in common, HOAs, subdivisions, and others. Our processes are fully in-house, which means our clients receive only the best from our team. We’re typically able to provide much faster turnaround times than other companies, so your project isn’t hampered with unnecessary delays.
A proper reserve fund provides financial footing for a property and ensures that replacement and repair costs will be paid. From our DRE consultations to our budget analyses, our financial recommendations are based on best practices and proven methods.
Preserving Your Property Values With A Reserve Study
Our California condo reserve studies are available in three different formats. We can either provide a full onsite inspection, an onsite visit to update a reserve fund, and a remote inspection. Each type of reserve study has its own particular use case, depending on your particular needs. If you have questions or want to get started, contact us to get an accurate, timely reserve fund analysis.
Common Questions About Our Services For Commercial Developments
How does a condo reserve study work?
Every homeowner or property owner in a common interest subdivision must allocate funds toward fixing common assets. A reserve fund is a specialized account, or set of accounts, from which repair and replacement costs are paid. Without adequate funds in reserve accounts, homeowners end up delaying repairs or relying on special assessments. Either of these behaviors reduces the value and appeal of a property, decreasing the number of buyers for such a property.
A reserve study calculates the predicted repair costs of commonly used assets within a condo, homeowners’ association, or similar property. Then, the total estimated cost for repairs is broken down into a monthly or yearly contribution rate. With a sound reserve fund in place, condominiums and other joint-owned properties can repair and improve assets to protect property value over time.
What are the benefits of a condo reserve study?
A professional reserve study provides property owners with a plan for covering the costs of component repairs and asset replacements through regular contributions. This sound financial planning lets co-owners cover asset expenses without placing undue burden on any one homeowner or property owner.
Additionally, adherence to a sound reserve study demonstrates financial leadership, which increases buyer confidence. According to California Civil Code 5550, community associations must complete a reserve study every three years. Many HOA board members find it prudent to perform an annual update to their reserve study. This way, any new components or major changes can be factored into the reserve funding plan.
Can you update my reserve study?
Yes, we can perform an update to your reserve study. We provide reserve fund updates either with an on-site visit or without it.
What is a good funding percentage level?
A rule of thumb is to have your reserve fund at 70% funding or higher. It’s best to choose a contribution rate above 10% since any lower can lead to financial disaster when it’s time for repairs.
How We Provide Superior Service
All In-House
Industry Experience
Faster Turnarounds
Timely reporting is vital for our clients, providing them with the knowledge they need to act decisively and prudently. Our experienced professionals are dedicated to providing solution-focused guidance, so our clients are successful.
