Yesterday three things happened that were the result of people taking Reserve Study projects into their own hands. Weird that they all happened in one day. Unfortunate, because they each point out that some tasks are best left to a professional.
Independence in the Reserve Study process means freedom from control or influence. Independence means the Reserve Study professional is able to provide their complete findings and recommendations without interference.
So you’ve received your Reserve Study. You notice that the asphalt seal coat project, which the association just paid $30,000 to have done, shows a $20,000 estimated (current) cost in your Reserve Study.
In some areas of the country, specifically California where it is required by State Law, at least every few years a Reserve Study needs to be prepared on the basis of a “diligent visual site inspection”. But what does that mean?
Some Governing Documents (or jurisdictions) require that a Reserve Funding Plan not be based on a special assessment. But some communities wiggle around that requirement by just “temporarily increasing the monthly assessments”, not levying a one-time special assessment. What is the difference?
I wish the answer was as simple as the question. Since associations come in all different types and sizes, and in that variety there are significant differences in the common areas maintained by the association and the Operational Budget expenses, the answer is “no”.
