Reserve Studies Pt. 1: The Blueprint | The Uncommon Area

Welcome to another episode of The Uncommon Area with your host, Matthew Holbrook! In this episode, we're diving deep into the world of reserve studies-a crucial aspect of managing homeowner associations (HOAs). Joining us is Mark Smith from Advanced Reserve Solutions, who brings extensive expertise in the field.
Mark explains the importance of reserve studies and how they function as a financial plan for associations. He details how to build a reserve study, covering the essential components such as asset evaluation, cost estimation, and budgeting. Whether you're a new board member or a seasoned manager, understanding these concepts will help you maintain and enhance your community’s financial health.
Key topics discussed include:
What is a Reserve Study?: Mark breaks down the concept of a reserve study and its significance for HOA financial planning.
Components and Calculation: Learn how to itemize and assess the useful life and remaining life of assets like roofing, painting, and other community components.
Legal Requirements: Discover the legal obligations for reserve studies, including the need for physical inspections every three years and the implications of missing these updates.
Effective Reserve Studies: Insights into what makes a reserve study effective and the pitfalls to avoid. Mark shares tips on gathering accurate information and how to handle price increases and inflation.
Visual Inspections: Gain an understanding of the process for determining the remaining life of various components through visual inspections and industry standards.
This episode is packed with practical advice and expert insights to help you create a robust and reliable reserve study for your association. Don’t miss out on this opportunity to learn how to ensure your HOA is financially prepared for the future!
Tune in now to gain invaluable knowledge and make your HOA management practices uncommonly effective!