Specific costly usual components must be replaced at intervals of 10, 15 or 20 years. One aspect of budget preparation is to calculate the amount of money the association needs to put aside this year to ensure we have the required funds when new concrete or hot water heaters need to be installed. To ensure that we evaluate as precisely as we can, we collaborate with a reserve specialist.
The reserve specialist will do a review that will give the board direction on how to prevent our association’s physical holdings from declining more swiftly than our financial assets grow.
The reserve specialist will go around the community to look it over and write up reserve study for the association. That report will contain an account of all common area elements, suggestions on what needs to be renewed and at what time, what the renewals will cost, and a scheme for defraying costs.
The reserve specialist picked by the board has the proficiency and background to correctly assess the life spans of our basic elements and will help the board evaluate the price of repairing or replacing them.
The reserve specialist is also skilled at examining the financial capital required to keep up the basic elements over time and will give the board recommendations on how to balance the total reserve fund against the decline of the basic elements.
Since the community’s physical holdings are in a constant state of decay, the steering of a reserve specialist will aid the board in defending those holdings and maximize the appearance of the community constantly — and that aids in maintaining our property values!
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