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HOMEOWNER ASSOCIATION: Reserve Study Process

WHAT OTHERS SAY

"He treated our condo as if it were his own, patiently answered all of our questions and helped our association to look honestly at our common issues and make decisions that will keep our building well maintained for years to come"

L.C. Condo Board Member

The Reserve Study Process is a joint venture between you the client and Prairie Home Inspection Services. We will do the work but we also would like our clients to understand Reserve Studies by familiarizing themselves with the Reserve Fund-Reserve Study FAQ information and we also encourage the home owners to join us on the building inspection.

The Reserve Study Process takes the following steps:

  1. Read the Reserve Fund-Reserve Study FAQ information
  2. Complete the Prairie Home Inspection Services Client Questionnaire. The questionnaire includes the following:
    • General Information such as:
      • Address
      • Contact information
      • Etc.
    • Building Specific:
      • Maintenance history
      • Anticipated projects
      • Specific complaints
    • Financial information
      • Reserve balance
      • Current reserve assessments
      • Funding Plan
      • Etc.
  3. Schedule and participate in an inspection tour of the building and grounds. Owners are invited on the inspection tour to learn more about the building and the reserve study process. Access will be needed to all common areas
  4. Present the report to the board/homeowners. A presentation to the board/homeowners will explain the funding plan and funding method used to determine suggested future assessments to adjust the reserve fund to the levels suggested by the remaining life of the common elements.
  5. Update the reserve study every 3 to 5 years. Periodic updates are necessary to adjust the reserve fund balance due to:
    • Over/under assessment amount since the last assessment adjustment.
    • Disbursements from the reserve fund, due to unpredicted circumstance such as weather events, legal issues, etc