Are you prepared for the future in the event of unexpected repairs or extra maintenance that your condo complex may need? There could be an issue with the pool, the roofing system, or a community area that you may not discover until it’s too late and the repairs are considerably expensive. A reserve study performed by Bryan & Bryan Inspections will help you avoid these types of problems and many more.
What Is a Reserve Study?
A reserve study ensures that you are prepared for the financial future of your condo complex. It identifies potential repairs and improvements that will need to be made in common areas such as community rooms, pools and hot tubs, and more. Our inspectors conduct in-depth analyses and inspections of these various assets.
Why Have a Reserve Study Conducted?
There are three reasons a reserve study can be beneficial for your condo association. First, it can provide a solid road map for making decisions about the condo’s financial future. Second, the U.S. Department of Housing and Urban Development (HUD) is currently requiring condo and homeowner associations to update their information every couple of years. A reserve study can greatly assist with this process. Third, residents of a condo complex will not qualify for helpful loans from the Federal Housing Administration or Fannie Mae if a reserve study is not performed.
What Is Included in a Reserve Study?
A reserve study typically consists of two parts: physical analysis and financial analysis. During the physical analysis, our inspectors will assess the condition of all community areas for which the condo association is responsible. Then, we will perform a financial analysis that will give you an accurate view of the association’s finances. The detailed report will include a cost estimate of repairs adjusted for inflation as well as an overall review of your current reserve fund.
Request a Reserve Study Today
The team at Bryan & Bryan has decades of experience conducting reserve studies, commercial inspections, residential inspections, stucco inspections, mold inspections, and more. Contact us at (866) 484-8318 to request a quote or to schedule a reserve study today. We gladly serve Dallas and all surrounding communities with our residential and commercial services.
Source: “HOA Reserve Study: Why Does Your Community Need It?” Web article. Cedar Management Group. Web. 01 Apr. 2022.