Parts of a Reserve Study: The Component List
The Component List is one of the three results of a Reserve Study, providing a listing of the major common area assets the association is responsible to maintain. A Component List typically includes the following information about each Reserve Component: Name, Description, Useful Life, Remaining Useful Life, and Current Replacement Cost.
The Component List serves as the foundation of a Reserve Study since it defines the scope and schedule of all Reserve expenses. Reserve Fund Strength and Funding Plan calculations will be performed on the basis of those expenses. It is wise to review your Component List for accuracy after it is developed, and updated it annually as your Components age or are replaced, and as costs change.
Component List Articles
Do Plumbing, Electrical, and Landscape Renovation Projects Belong in a Reserve Study?
Can I Pay for this from Reserves?
Capital Improvements vs. Reserve Projects
Coping with Surprises
Do we Reserve for Domestic Water Lines in the Ground?
Is it Common to Reserve for Homeowner Fences?
Replace on Schedule.. or Wait?
Reserve Component Failure Modes
Reserve Expenses vs. Operating Expenses
Reserve Planning – How Far into the Future?
Should we Reserve for Insurance Deductibles?
Should we Reserve for Tile Roof Replacement?
What to do when a Component Fails Early?
Where do we get our Life and Cost Information?
Which Components are (and aren’t) Included?
Which Components Belong In The Reserve Study?
Why Reserve for Expenses 30 Years Away?