reserve study

Started by AnnV1 • 4 replies • 116 views

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AnnV1 (Massachusetts)
Posts: 5

Posted:

It looks like the best move forward for my condo HOA in MA is to do a reserve study. We are a small condo building with only 6 units, but the building is 70 years old. We don't have any amenities like a pool or tennis courts, just the building and surrounding landscaping. Does anyone have an idea how much a reserve study for a condo our size might run? Thanks in advance!

SheliaH (Indiana)
Posts: 6,964

Posted:

It's difficult to give you an estimate because this can depend on so many factors. We also live in different areas with different costs of living, so a study for a small building in my area may not be the same in yours.

You'll need to do this the old fashioned way - look for reserve specialists in your area (Google is your friend - look for at least three) and get some estimates. Do your due diligence and ask if theyve worked with small communities like yours. Ask for those references and check them.

But before you begin, make sure you read up on reserve studies so you understand what they are, how they're prepared and how they're used to prepare the budget going forward. That will help when you ask questions (lots of them) with prospective companies.

It may be tempting to make this a DIY job and some HOAs have pulled this off, but it doesn't sound like your building has ever had one, so if money's an issue, talking to a specialist would help you determine how much you can do or if you even want to.

There are conversations on this website about DIY reserve studies- read a few and bring your questions back to this conversation so you'll get updated information.

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

ElleN (Idaho)
Posts: 1,338

Posted:

Quote:

Posted By AnnV1 on 06/29/2025 3:42 AM
It looks like the best move forward for my condo HOA in MA is to do a reserve study. We are a small condo building with only 6 units, but the building is 70 years old. We don't have any amenities like a pool or tennis courts, just the building and surrounding landscaping. Does anyone have an idea how much a reserve study for a condo our size might run?

To get your board in the ballpard, I estimate $800 to $5000.

From what you describe, I expect a reserve study for your association would include components like the following:

Roofs
Parking lot
Sidewalks
Exterior of building (broken down)
Any HVAC systems that are common elements (as given in the Declaration)
At 70 years, possibly interior plumbing that is considered "common element."

Maybe read over these example reserve studies and see if they give you ideas:
https://www.reserveadvisors.com/wp-content/uploads/2021/09/Highrise-Sample.pdf
https://www.rdanorthwest.com/mt-content/uploads/2020/08/sample-reserve-study.pdf

TimB4 (Tennessee)
Posts: 21,061

Posted:

Don't forget:

Lighting
Signage
Entrance Monuments
sprinkler system (if any)

Being a condo, it would be best to have an engineer inspect the building for structural issues.
A reserve specialist can assist you with that as well as putting the study together.

BryonW (Massachusetts)
Posts: 55

Posted:

Hi AnnV, my association (also Massachusetts) received the following 3 quotes in late 2023:
$3,925
$4,800
$5,950

All 3 quotes include an on-site visit. In the first 2 quotes, the person doing the onsite visit is just a CAI reserve analyst (a much lower level of training). In the 3rd quote, the person doing the site visit is a real PE (a licensed engineer).

We are larger than yours, at 37 units. While you may pay a little less, you'll probably find the price for a study is not proportional to the number of units.

If you are interested in pursuing a DIY reserve study, or just understanding how it works, here is a decent series of videos: (note each link is a playlist - multiple videos appear in a box in the top right).

Reserve Studies 101: The Component List
https://www.youtube.com/watch?v=wCaW7RHsFJU&list=PLPQc4d3KbcsnjiuFR-ml5h0_VdT8wUNko

Reserve Studies 102: The Financial Analysis
https://www.youtube.com/watch?v=R7mf_9lDVjc&list=PLPQc4d3KbcsnBjDfYy6hWCNYi3o_k3LXM

Reserve Studies 103: The Funding Plan
https://www.youtube.com/watch?v=kwJE8NiGR9E&list=PLPQc4d3KbcsmFK6jiC-VAWH0y9Hjr4QeI

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