Embrace Condo and HOA Budget Season with Confidence
Embrace Condo and HOA Budget Season with Confidence As summer gracefully bows out, another season comes into focus. While most people welcome the arrival of fall, for boards of directors in Homeowners Associations (HOAs) across the country, it marks the onset of what can often be a daunting period – “budget season.” Budget meetings can […]
Are reserve studies required in Washington State?
Is a Reserve Study Required for Our HOA? The straightforward answer is yes, in the state of Washington, Homeowners Associations (HOAs) are generally required to conduct a reserve study and update it annually unless specific exemptions apply. In the earlier versions of Washington’s Condominium Act, there was some ambiguity surrounding the requirement for a reserve […]
What is a Reserve Study and Why is it Important?
This article begins by explaining the importance of maintaining and managing a property, especially for property owners and associations. It introduces the concept of a reserve study as a crucial tool for effective property management. What is a Reserve Study? A reserve study is a comprehensive analysis of a property’s physical components and infrastructure. It […]
Reserve Studies According to ChatGPT Open AI
What is a reserve study? A reserve study is a financial planning tool used by homeowner associations (HOAs), condominium associations, and co-operative housing corporations to estimate the long-term costs of maintaining, repairing, or replacing common elements and amenities. The purpose of a reserve study is to ensure that the association has sufficient funds to cover […]
HOA Reserve Studies | What does it Represent
Reserve study is a vital component of HOA management. It helps gauge if an association has sufficient funds to plan and execute a long-term budget. In many cases, the study is conducted to determine and develop a strategy to collect cash or funds for the future. A large part of HOA’s financial planning depends on […]
