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Association-governed communities come in all types, shapes, and sizes. They may be known by different acronyms — Condos, Co-Ops, HOAs, POAs, or PUDs — and residents choose to live there for a variety of different reasons. One of those reasons is having affordable access to amenities related to leisure activities. This can include a pool, a fitness facility, tennis courts, playgrounds, parks, golf course, and more. And keeping these desirable community features up to date and well-maintained over the years requires a predictable amount of capital. This capital is called the Reserve Fund.

A Reserve Study helps you to anticipate and prepare for repair and replacement expenses at your property. All buildings begin to physically deteriorate the moment they are completed, making the need for repairs not a question of if but when? This is where a Reserve Study comes in, turning these projects into predictable expenses, rather than a financial surprise.

As we look towards the final months of this year, it’s time to begin planning and consider the important role of HOA Reserve Studies. An updated Reserve Study guides your association to have sufficient funds before a major physical asset fails. Otherwise, you’ll be forced to scramble for additional funding to cover essential common area repairs and replacements that are both inevitable and predictable.

Choosing to live in a condominium complex or gated townhouse community certainly has many perks as to the maintenance of the property. As part of such a community, homeowners enjoy care-free living while the homeowners association or HOA is tasked with ensuring that all of the common areas of the property are well-maintained and cared for.