DIY Reserve Study ?

Started by SylviaP • 5 replies • 1523 views

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SylviaP (Arizona)
Posts: 5

Posted:

Our community is thinking of updating our Reserve Study. It's been several years since it was last done, so high time. Has anyone out there tried a do-it-yourself approach, or the DIY method offered by a leading company? Any tips, suggestions, caveats would be helpful. Thanks.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Our first study was done on our own.

Our second study was done by a professional but they used the cash basis vs component basis and we utilized some of their figures to create another study.

To learn more about Reserve Studies along with info on how to complete one yourself see the following thread on this forum titled Reserve Studies/Funds 101:

http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/103517/view/topic/Default.aspx

Note, some of the links on that thread no longer work but, if they were simply changed, then the links were updated later on in the thread.

Depending on what common components you have, a self study may be all you need. However, if you have stormwater detention ponds, are in a condominium complex or own a pool, you may want a professional study done where engineers actually inspect those components.

Hope this helps,

Tim

SylviaP (Arizona)
Posts: 5

Posted:

Thanks so much, Tim. That is a great resource. I've just read some of it and it is very helpful. I've already watched some of the videos, but this was the first I'd heard of the tax implications.

TimB4 (Tennessee)
Posts: 21,059

Posted:

I'm glad it was helpful.

CyrstalB (Maryland)
Posts: 457

Posted:

I applaud your consideration of a DIY, and encourage you to do one yourself before you decide to hire the "professional" to do it.

By your doing it yourself you will get an education too. You may find that with little assets etc that Tim spoke of, a DIY is sufficient.

Or if you are larger, it will give you some educated background so that the person you hire cannot take advantage of you, either by overcharging or other BS.

Education is power.

DjB2 (Pennsylvania)
Posts: 49

Posted:

We did our ourselves. We have no pool, retention ponds, or any other expensive to maintain/repair/or replace components within our 32 unit development. All we have to deal with is future costs for re-roofing and asphalt repair or replacement, so our was quite easy to do.

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