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In addition to our work with HUD projects, hotels, and commercial projects throughout the country, we have also performed Needs Assessments and Reserve Studies on condominium associations and home owner associations. For associations and Boards of Directors, a Capital Needs Assessment with Reserve Study will examine your property's current assets, determining the estimating remaining life of every component in your property, the cost for replacement over a 30 year period, and a study of your reserve account that will show you how to possibly improve the management of your association's funds. The ability to properly capitalize your budgets is vital to the performance of your association; reviewing and planning for the association's expenses over the short and long term will provide you with the tools to properly manage your association without overspending.
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Our reserve assessment reports for condo associations and HOA's involve the following:
• A full inspection of all common elements of the association or HOA and creation of a full inventory of components,
• Assessment of all components to determine either estimated current age (unless specific data is available on age) and the estimated remaining life of each component,
• Costs for replacement of each component and item in the assessment,
• Advice on upgrades, improvements, and corrections to existing design flaws or other capital upgrades on the request of the association,
• A full assessment of all of the costs over a 30 year term, and comparisons of these costs against your reserves,
• Our reserve analysis provides a number of different approaches to your reserve planning and will provide you with an analysis and recommendations.
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