RESERVE STUDY DIFFERENCES - TYPICALLY DUE TO THE COMPONENT LIST DIFFERENCES.
We are often presented with other reserve studies and it is not an unusual occurrence for us to come to very different results than another company had in recent years. This is most often due to the component list being different.
WHAT IS A RESERVE STUDY FOR COMMON INTEREST COMMUNITIES LIKE HOA & CONDO COMMUNITIES?
A brief overview of what a reserve study is for common interest communities and how they can utilize it as a tool for their long term budgeting with relation to their reserve account.
HOW MUCH DOES A RESERVE STUDY COST?
This is one of the most common questions we receive. Here it is, answered by a reserve study professional in a simple video format.
HOW QUICKLY CAN YOU COMPLETE THE RESERVE STUDY?
The length of time needed to complete a reserve study can be influenced by numerous factors. We go into some of these in this quick video summary.
DO YOUR STUDIES MEET WASHINGTON STATE STATUTORY REQUIREMENTS?
In recent years Washington State has passed numerous laws with respects to reserve study contents. Our studies meet all of these requirements as explained in this video.
WHAT DOCUMENTS ARE NEEDED FROM THE PROPERTY MANAGER OF BOARD MEMBER?
We strive to make the whole process as easy as possible for our clients. Information and documents that we will need to review are requested while other work is being performed so that there is no delay in the whole process. This video goes into this process for you.
ARE RESERVE STUDY PROFESSIONALS LICENSED?
There are no licensing requirements in Washington State but there are industry designations given to those professionals meeting experience, ethical and peer review requirements, as is explained in this video.
HOW DO WE DETERMINE WHAT COMPONENTS TO INCLUDE IN A RESERVE STUDY?
Perhaps the most important part of the reserve study is developing the component list as all other recommendations are based on a comprehensive list. Following National Reserve Study Standards and Statutory requirements ensures we provide a comprehensive list for each assignment.
DO WE SHARE THE RESERVE STUDY WITH ANY OTHER PARTIES?
Reserve studies are confidential and only the client that ordered the study will receive a copy from us. Once the Client has the report they can share as they see fit.
HOW OFTEN DO WE RECOMMEND COMPLETING A RESERVE STUDY
Reserve studies are always changing with additional components added or others removed as the community ages, Boards change directions and membership opinion changes. We recommend complying with WA State Law as described in this video.
ARE SOME BOARD MEMBERS HESITANT ABOUT HIRING A RESERVE STUDY PROFESSIONAL?
This is unfortunately not an uncommon scenario. Often times some members would rather not know the true extent of the HOA's responsibility. Remember out of mind usually leads to out of money.
HOW DO GO ABOUT DEVELOPING A FUNDING PLAN
Each funding plan is catered to the specific community with the long term goal of increasing the financial security where there will be a low risk for special assessments or loans.
RESERVE STUDY - FULLY FUNDED BALANCE EXPLAINED
The Fully Funded Balance is an important calculation in the reserve study. Calculating this number is straight forward but can be somewhat confusing to someone not familiar with the process. This video goes into an explanation of the Fully Funded Balance.
RESERVE STUDY - All ABOUT PERCENT FUNDED
Percent Funded is a calculation of how adequate the reserve account is at a particular point in time. It is a measurement of how much in actually in the reserve account versus how much should ideal be in the reserve account.