Whats a reserve study, does my Houston HOA need one? How do we find out about how to conduct the study. What is included in the study? These are all great questions.
We get lots of questions about how often a reserve study should be performed, as well as what information one needs to provide.
To answer some of these questions and simultaneously clear up some of the confusion surrounding reserve fund studies, we’ve put together this handy check-list.
In order for a professional engineer or consultant to conduct the study, he or she will require:
- the most recent audited financial statements
- the current annual contribution to the reserve fund
- repairs and replacements to the common elements that have been completed and in what year
- scheduled future projects
- any outstanding concerns that need to be reviewed, such as water penetration
Condominium directors your Houston HOA’s that refuse to conduct such studies are putting themselves at risk for possible legal action from unit owners, who suffer an increased financial burden as a result of the delay.
Delaying a reserve study can place insurance policies in jeopardy, and affect the resale values of the units in the complex.
For these reasons it’s imperative that a reserve study is completed on a regular basis.
Spectrum can steer you in the right direction in regards to Reserve Studies. We are experts in Houston HOA Management. Please feel free to call us anytime.
Spectrum Association Management services Houston HOA’s. Spectrum Association Management also services Dallas, Fort Worth, Austin, San Antonio and Laredo. To learn more about Spectrum Association Management and how great HOA management Houston, TX can affect your community visit us at http://www.spectrumam.com/ or to request a quote for management click here. Also be sure to “like” us on Facebook by clicking the following link:http://www.facebook.com/spectrum.association.mgmt
