How can component life expectancies be predicted?
A reserve analyst estimated the condition level of components, remaining economic life and the general useful life of each component. Estimations and averages are utilized based on similar components life expectancies taken from our experience, vendor interviews and national costs handbooks. While this is the best we are able to offer, actual life expectancies may vary, sometimes substantially, due to items such as:
- Maintenance History
- Quality of Workmanship and Materials
- Use Patterns
- Unexpected Mechanical Failure
When a component fails prematurely it will affect the projected expenses and contribution rates that are set out in the report. It is suggested that the report be updated annually so that actual expenses and contributions can be updated in the reserve study. [TOP]