Written by Industry Expert, Kevin Tucker, Chief Executive Officer
If you live in a planned community governed by a Homeowners’ Association (HOA), are part of a lake association, own commercial developments, belong to a golf club, are a member of a recreational club, or you are a board member or manager for any of the above, you are likely familiar with the need to maintain a reserve and replacement budget. In many cases, it is a statutory requirement.
Reserve Studies are a great tool to help prepare stakeholders for significant future repair and replacement expenses. They often uncover items that might not have been top of mind if left unaddressed, but would pose a significant financial risk to the group. In most cases, the Reserve Specialist preparing the report is able to identify very accurate estimates for the expected life of your physical assets, as well as the corresponding costs for making significant repairs or replacing them as their expected life comes to an end.