DelfinP (Illinois)
Posts: 4
Posts: 4
Posted:
Our association is planning our 2009 budget, and we're looking into an engineering and reserve study for our building.
Our info:
33 units ($325k - 450k per unit)
Chicago
3 years old (rehabbed)
Total reserve - ~20k
Operating account - ~10k
We just found out in 3-5 years, we'll need to replace the roof, which will run around 100k, which is a bummer because developer claimed a new roof was installed during rehab. Obviously our attorneys are checking all that out, but we are now starting to plan for building up the reserve higher for emergencies, repairs, etc.
How effective have HOAs found engineering and/or reserve studies to be? What is the typical cost associated, and do you have any recommendations of firms that have done a great job?
Since most of us are first time buyers, we feel it probably makes sense to get a professional financial plan. Our management company put a budget together, but basically just reviewed expenses and did a percentage increase. We need something more detailed.
Thanks in advance!
Our info:
33 units ($325k - 450k per unit)
Chicago
3 years old (rehabbed)
Total reserve - ~20k
Operating account - ~10k
We just found out in 3-5 years, we'll need to replace the roof, which will run around 100k, which is a bummer because developer claimed a new roof was installed during rehab. Obviously our attorneys are checking all that out, but we are now starting to plan for building up the reserve higher for emergencies, repairs, etc.
How effective have HOAs found engineering and/or reserve studies to be? What is the typical cost associated, and do you have any recommendations of firms that have done a great job?
Since most of us are first time buyers, we feel it probably makes sense to get a professional financial plan. Our management company put a budget together, but basically just reviewed expenses and did a percentage increase. We need something more detailed.
Thanks in advance!