Reserve Studies

ChristineB9 (North Carolina)
Posts: 4

Posted:

Do any of you have DIY reserve study spreadsheets that I could use? The condo had a reserve study done a couple years ago, but it is overly complex and filled with lots of boilerplate that is really not necessary to the condo that I am in. Any comments/suggestions/guidance would be appreciated. I would really like to see if any of you have used an excel template that would make it possible to update a reserve study or run modifications on it to see if there are different ways to plan financially. Thank you.

SheliaH (Indiana)
Posts: 6,964

Posted:

Someone posted something like this on this website two or three years ago (I think - may have been a little longer but I'm' sure it was within the last five years). Try doing a search - look for the magnifying glass on the upper left corner. You may need to play around with search terms to hit upon it.

As for your current reserve study, why haven't you discussed your issues with your reserve specialist? He or she may be able to tailor the study to your community needs - and you should remember what you think are "boilerplate" templates, might not be (you did say you find the thing overly complex, after all).

We had our reserve study done last year and the specialist did a presentation at our "annual" meeting (it's in parentheses because we didn't make quorum) You could ask your specialist to do a similar presentation for your board. Better yet, call a special homeowners meeting so everyone can hear about the findings and implications for upcoming budgets and the assessments that fund it all.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Christine

My initial impression is one could use the existing Reserve Study to create a short hand version such as a simple spread sheet. Eliminate the verbiage. Concentrate on the elements like Street Repaving. Expected date to undertake. Cost to Undertake. Advance payment like $xx per year set aside.

KerryL1 (California)
Posts: 14,550

Posted:

What size is your assn.--how many units-- Christine? If you have a lot of amenities, your reserves study should have a lot in it. I also don't know what you mean by" boilerplate?" Can you supply a couple of examples?

IMO, a good study starts with explaining the reserve analyst's or specialist's use of language and what they look for. That takes 2-4 pages. They show what should and should not be included. If it's a "full study," they may even take photos of your components with remarks about their condition.

What would you want left out?

TimB4 (Tennessee)
Posts: 21,059

Posted:

See

Subject: Reserve Studies/Funds 101 a topic on this forum

It's an old thread so some links are broken

Near the bottom, there is a discussion and a link to a thread that has a point of contact for a spreadsheet (which the individual is charging for now).

MaxB4
Posts: 3,513

Posted:

Quote:

Posted By ChristineB9 on 12/01/2022 9:45 AM
Do any of you have DIY reserve study spreadsheets that I could use? The condo had a reserve study done a couple years ago, but it is overly complex and filled with lots of boilerplate that is really not necessary to the condo that I am in. Any comments/suggestions/guidance would be appreciated. I would really like to see if any of you have used an excel template that would make it possible to update a reserve study or run modifications on it to see if there are different ways to plan financially. Thank you.

Click the reserve calculator on the link below. I think that will help you out.

https://www.condoconnection.org/resources/reserves

LetA (Nevada)
Posts: 2,679

Posted:

Each reserve study is unique to each HOA. There are many variables that affect the cost and frequency of each reserve item. For example. Sealing your asphalt, in the Northeast where it snows, you might have to seal it every
3 years compared to the Southwest where it is resealed every eight years.

MichaelT21 (Arkansas)
Posts: 462

Posted:

Quote:

Posted By MaxB4 on 12/01/2022 3:38 PM

Posted By ChristineB9 on 12/01/2022 9:45 AM
Do any of you have DIY reserve study spreadsheets that I could use? The condo had a reserve study done a couple years ago, but it is overly complex and filled with lots of boilerplate that is really not necessary to the condo that I am in. Any comments/suggestions/guidance would be appreciated. I would really like to see if any of you have used an excel template that would make it possible to update a reserve study or run modifications on it to see if there are different ways to plan financially. Thank you.

Click the reserve calculator on the link below. I think that will help you out.

https://www.condoconnection.org/resources/reserves

Max and Steve are the same poster. interesting.

WendyM5 (North Carolina)
Posts: 1,522

Posted:

reserve studies are not very useful for a simple HOA with few amenities IMHO.

vis ta vie

MaxB4
Posts: 3,513

Posted:

Quote:

Posted By MichaelT21 on 12/01/2022 5:25 PM

Posted By MaxB4 on 12/01/2022 3:38 PM

Posted By ChristineB9 on 12/01/2022 9:45 AM
Do any of you have DIY reserve study spreadsheets that I could use? The condo had a reserve study done a couple years ago, but it is overly complex and filled with lots of boilerplate that is really not necessary to the condo that I am in. Any comments/suggestions/guidance would be appreciated. I would really like to see if any of you have used an excel template that would make it possible to update a reserve study or run modifications on it to see if there are different ways to plan financially. Thank you.

Click the reserve calculator on the link below. I think that will help you out.

https://www.condoconnection.org/resources/reserves

Max and Steve are the same poster. interesting.

Max and Steve are not the same individual, and you're just an idiot!

TimB4 (Tennessee)
Posts: 21,059

Posted:

Quote:

Posted By WendyM5 on 12/01/2022 5:37 PM
reserve studies are not very useful for a simple HOA with few amenities IMHO.

I disagree.

It would depend on the amenities.

WendyM5 (North Carolina)
Posts: 1,522

Posted:

The problem with reserve studies is they are totally subjective in many areas. Some board members would rather pay to have an entirely new playground installed vs just painting the old one. Same thing with fences or maintaining siding on a building.

I could easily see two different companies with different perspectives having reserve studies that are 50% different in funding.

best thing is to do one yourself by calling up contractors and then having a company do one and after it is done show them your numbers and ask they why they are different.

vis ta vie

KerryL1 (California)
Posts: 14,550

Posted:

A good study, imo, has different line items for repair & for replace. There's an est. cost for each, useful life for each, etc. Poolside furniture is a good example. We've repaired ours, reslung it, 3 times over 21 years and will replace it in few.

A certified reserve specialist or analyst who only inspects your locale has the skills to estimate useful life based on your typical climate. HVAC equipment on our high roof in our sunny/ moist sea air setting is different than 5 miles inland.

KerryL1 (California)
Posts: 14,550

Posted:

A good study, imo, has different line items for repair & for replace. There's an est. cost for each, useful life for each, etc. Poolside furniture is a good example. We've repaired ours, reslung it, 3 times over 21 years and will replace it in few.

A certified reserve specialist or analyst who only inspects your locale has the skills to estimate useful life based on your typical climate. HVAC equipment on our high roof in our sunny/ moist sea air setting has a different useful life than 5 miles inland.

WendyM5 (North Carolina)
Posts: 1,522

Posted:

Quote:

Posted By KerryL1 on 12/02/2022 9:42 AM
A good study, imo, has different line items for repair & for replace. There's an est. cost for each, useful life for each, etc. Poolside furniture is a good example. We've repaired ours, reslung it, 3 times over 21 years and will replace it in few.

A certified reserve specialist or analyst who only inspects your locale has the skills to estimate useful life based on your typical climate. HVAC equipment on our high roof in our sunny/ moist sea air setting has a different useful life than 5 miles inland.

good to know. every reserve study I've seen is just a simple replace. will specfically ask for that when we do a reserve study thanks.

vis ta vie

LetA (Nevada)
Posts: 2,679

Posted:

Quote:

Posted By WendyM5 on 12/02/2022 9:45 AM

Posted By KerryL1 on 12/02/2022 9:42 AM
A good study, imo, has different line items for repair & for replace. There's an est. cost for each, useful life for each, etc. Poolside furniture is a good example. We've repaired ours, reslung it, 3 times over 21 years and will replace it in few.

A certified reserve specialist or analyst who only inspects your locale has the skills to estimate useful life based on your typical climate. HVAC equipment on our high roof in our sunny/ moist sea air setting has a different useful life than 5 miles inland.

good to know. every reserve study I've seen is just a simple replace. will specfically ask for that when we do a reserve study thanks.

Even then, reserve studies are guidelines. Some people panic and replace and some just repair. Follow good maintenance schedules and you won't have to replace that many components
unless they age out or cannot be repaired.

KerryL1 (California)
Posts: 14,550

Posted:

Maintenance schedules from the manf. help a lot. But local climate does matter. Some components in your sunny hot dry climate have a different lifespan that in our sunny moderate but salty, moist air.

ChristineB9 (North Carolina)
Posts: 4

Posted:

Thanks for this. Excellent tool.

ChristineB9 (North Carolina)
Posts: 4

Posted:

Thanks for this. Excellent tool.

ChristineB9 (North Carolina)
Posts: 4

Posted:

Thanks everyone for your comments. I have gathered some really good information and gotten some really helpful input and resource guidance.