The cost and time needed to complete a reserve study are impacted by the amount of work the reserve study company will need to put into the assignment. There are ways a Property Manager can help to reduce the amount of time needed as this article goes into.
A reserve study will benefits am HOA on numerous fronts so a Board which is trying its best to guide a community in a financially sound directions should look into the benefits of having one completed.
If you think that refraining from funding the reserve account is expensive try not funding the reserve account. Special assessments, loans, deferred maintenance and lower property values are much more expensive to an HOA community.