Moderation of reserve studies was somehow lagging behind the remaining general requirements of multi-family residential projects, specifically condominiums.
Recent legislature in Washington state has revitalized the concept of reserve studies via R.C.W. 64.34. Throughout its content, R.C.W. 64.34 clearly defines the responsibilities, content and general requirements of the reserve studies.
The purpose of a reserve study is to provide recommendations regarding the minimum annual reserve contribution rate to be made by the condominium association to its respective reserve account, as a supplement to the association’s operation and maintenance budget.
Another critical aspect of a reserve study is the adherence by the HOA to prescribed maintenance schedules. In order to maximize the service life of building components, complete follow-through of the periodic inspection / maintenance is of utmost importance. Failure to follow a regular schedule of maintenance will affect the service life of building components and neglect the purpose of the reserve study. Components may then require replacement before the Reserve is fully funded, making costly individual assessments necessary.
Together with our techniques gathered via forensic analysis and our preventative maintenance philosophy, our reserve study services ensure your decisions are founded in a comprehensive analysis and provide you with the information and projected contribution rate to comply with legal requirements.CONTACT US TO GET STARTED