Reserve Studies – An Essential Tool for Condominium and Home Owner’s Associations
Reserve studies are all about stewardship of your community, reducing the need for special assessments and enhancing property values. Association boards have a fiduciary duty to the communities they represent, communities which are comprised of past, present and future owners. Unfortunately, we see all too often that neglect by owners in the past shifts the monetary duties to present owners, who now have to pay for the mistakes of the past, in addition to catching up in order to prepare for the future.
This is particularly important in light of the last real estate crash, after which most banks stopped lending money to potential condo or single-family home buyers. Furthermore, educated consumers will shy away from the purchase of a condo or home in a community which is in debt or has no reserves in place, and, studies have shown that communities with reserves in place have a much better overall community appearance, which in turn is appealing to homeowners and interested buyers alike.
Let Staebler Appraisal and Consulting guide you into the future with a professionally prepared reserve study. Our studies include three different funding models, which can be presented in different spreadsheets to give you several vantage points.
We assist the board and managers with community meetings, presentation and explanation of the reserves, suggestions on how to pay for future funding goals, and decisions in regard to straight-line versus pooling funding.
After the initial reserve study is developed, we provide continued consulting; updates of reserve studies are available on an annual basis, by choice of the association.