Proper planning and maintenance can mitigate premature equipment breakdown and failure of components initially unaccounted for in your reserves. This can save your association tens to hundreds of thousands of dollars in surprise costs. It’s important to question your reserve study in more detail.
Is your reserve study accurate? How would you know? Are you experiencing unexpected expenses?
Worried there are “surprises” out there?
Reserve studies are often created utilizing initial assumptions valid at a specific point-in-time. Because your community assets are undergoing constant change, in order to remain accurate, your reserve study needs to reflect these evolving variables. If it doesn’t, your association’s budget could be hit with unexpected expenses. Request your best practice article today and learn:
- The two most common causes of reserve study inaccuracies
- What “useful life” is and what impact it has on your reserve study
- What asset management is and how can it benefit your HOA
- And many other maintenance, capital improvement and reserve study best practices