Description

A condominium reserve study is a comprehensive analysis of a building's common areas to determine the long-term costs of repairs and replacements. It helps condominium associations plan for future financial needs and ensure that reserve funds are adequate. Reserve studies are crucial for maintaining the physical and financial health of a condominium community. Here's a more detailed explanation: What is a Reserve Study? A reserve study is a financial and physical assessment of a condominium's common areas. It identifies the components of the building (e.g., roofs, HVAC systems, elevators) and estimates their remaining useful life. It calculates the cost of future repairs and replacements for these components. It helps determine the amount of money needed to be set aside in a reserve fund to cover those costs.