Capital Reserve Implementation
We highly recommend a Reserve Study be completed by an independent engineering firm. Staying up-to-date on reserve studies is so important for understanding what will be needed in terms of future replacements and repairs for the community.
Adequately funding the Reserves protects and enhances the physical assets in the community. It also protects and enhances the investment that each owner has made in buying property in the community. It does this by making sure that funds are available to replace worn out components on a timely basis while avoiding the need for special assessments.
A reserve study will also let you know how much money is currently in the reserve fund versus the estimated life remaining and overall condition in certain elements on the property, so you better know what to expect