Custom Reserves
Provides Professional Reserve Study Services.
Custom Reserves aims to be a leader in the industry with a high level of customer service and comprehensive reports which are an invaluable resource for our Clients.
Frequently Asked Questions
Here are some questions we usually get about Reserve Studies.
01
What is a Reserve Study?
A Reserve Study is an independent long term analysis of common property. The analysis documents a condition assessment of the component inventory and estimates the cost of repair or replacements. It also provides a stable and equitable Funding Plan to offset the anticipated future major common area expenditures as they wear out over their predicted useful life.
02
How is a reserve study calculated?
A collaboration between the client’s resources and Reserve Analyst that brings together the client’s unique first-hand knowledge with the Analyst’s professional expertise
03
Why do we need a reserve study?
Here are just a few reasons to have a reserve study done:
- Helps the board fulfill its fiduciary responsibility
- Fulfill statutory requirements
- Guarantee the reserves are based on up to date information
- Buyers finding lack of reserves back out of real estate purchases
- Lenders finding lack of reserves may not lend money
- Satisfy the community’s governing documents
- The costs of maintaining the property will be fairly shared by all owners
- The reserve study provides a predictable replacement schedule
- A healthy reserve fund protects your investment
- Increases marketability
- Adequate reserves help avoid special assessments which are both unfair and difficult to collect
- The American Institute of Certified Public Accountants (AICPA)) requires the community association to disclose its reserve funds in its financial statements
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Please complete the online form and attach any relevant document that could help us in developing a more accurate proposal for the community or organization - (e.g. - site map, building blueprints, governing documents, prior reserve study).