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Already a Florida task force has been created to examine regulations surrounding condominiums and make recommendations to strengthen condominium-board law, as well as laws regarding construction, operations, maintenance, and safety recertification – all to minimize chance of a future tragedy.
Early reports indicate widely known issues with ongoing maintenance on the 40-year-old building, and concern by residents over how expensive repairs would be funded from inadequate reserves -- pools of money collected to pay for ongoing fixes. The tragedy emphasizes the importance of conducting a reserve study – and not just for those living in decades-old high-rise condominiums near the water.
For community associations, their job includes estimating costs of future repairs and replacements.
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In such instances, a reserve study can be useful for community boards and managers to determine how much money will be needed over a specific period of time. It does so by analyzing each component of the common property, determining how long each component will last, and how much each component will cost to repair or replace when the time arrives, says Nicholas Brenneman of Reserve Advisors, a firm that prepares reserve studies for community associations across the country for clients.
"The reserve study establishes a schedule of annual reserve contributions that are fair and impartial to current and future owners. Additionally, following the recommended annual reserve contributions greatly reduces the risk of additional assessments," Brenneman states.
Reserve studies help community associations focus on near-term capital projects. Based on a detailed condition assessment, the reserve study professional conducts life and valuation estimates, and develops a schedule of prioritized capital projects. Factors, including condition of each component, criticality of its repair or replacement in a timely manner, and current reserve fund status should be considered when prioritizing capital projects.
Read balance of story at https://nhe-inc.com/hoa-executives-reserve-studies-sustainable-budgets-protect-homeowners-everywhere/
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