New Condominium Corporations have 2 years to do a reserve fund study and approve a funding plan.
A reserve study is an in-depth evaluation of a property’s physical components and an analysis of its reserve funds. Based on a thorough on-site inspection, a custom reserve study details anticipated replacements or repairs to common-area elements and recommends annual reserve funding to cover capital expenditures for the next 30 years.
Our custom reserve studies give condominium managers, board members and property owners assurance that future major property expenses are identified early and that a funding plan is in place to pay for those expenses.
A well-prepared reserve study can avert special assessments.