Helping communities plan for their financial future with reserve study implementation.
The Importance of Reserve Planning for Homeowners Associations
HOA Management Services helps board members understand and implement reserve studies in order to maintain the community and it’s homes overall value. A reserve study will outline an optimal timeline to execute maintenance and or replacement as well as forcast when raising assessments becomes necessary. It also is a tool to identify when special assessments for capital expeditures will be required.
Reserve planning is an important part of your HOA’s overall financial health. A reserve study identifies association maintained components, their useful lives, the cost of repair or replacement and a 30-year funding plan. This ensures that money is properly budgeted for timely replacement and scheduled mantainenance for maximum benefit. The reserve study also ensures board members have financial map to guide their decisions when considering major projects and when special assessments may become necessary.
HOA Management Services works closely with the board of directors throughout the reserve planning process. All components and assets of a community that need to be maintained are identified. The cost to renovate each item is then determined by contractor bid or construction cost estimates. The remaining life of each item is documented.