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 […]
What is the purpose of the reserve study
Whether you live in a condominium, a homeowners association, or any community with shared amenities and common areas, you’ve probably heard of a reserve study. But what exactly is it, and why is it essential? A reserve study plays a crucial role in ensuring the financial health and sustainability of these communities. In this blog, […]
Understanding the Role of Reserve Specialists RS™
Maintaining financial stability is a crucial aspect of any organization’s success. For many, this includes effectively managing reserve funds to ensure the long-term viability of their operations. Enter the Reserve Specialist (RS™) – a highly skilled professional with expertise in assessing and managing reserve funds. In this blog post, we’ll delve into the role of […]
Construction Management for Older Condos and HOAs
Construction Management for Older Condominium and Homeowner Associations: Maximizing Value and Minimizing Costs Older condominium and homeowner associations often face unique challenges when it comes to renovation and construction projects. From balancing budgets to managing aging infrastructure, it’s essential to have a well-designed plan in place to ensure that the project is completed on time, […]
Reserve Study – Do You Need It?
Reserve studies are an integral part of maintaining or managing an HOA. They help evaluate the reserve fund’s state of the associations so that a long-standing budget may be more effectively planned. As the HOA reserve study is complex, board members are often intimidated when approaching it. However, if you have the proper knowledge and […]
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 […]
Why Reserve Studies Are Important for Community Association Success
Reserve studies are crucial for guaranteeing community associations’ financial stability. When done correctly, they help associations get ready for significant future repairs and establish a timeframe so that the membership will have the necessary cash set aside for such repairs. Reserve studies are, however, just what? What details does it offer, and whence does this […]
What is a Reserve Study?
As a tool for long-term capital planning, reserve studies assist boards in foreseeing and preparing for the maintenance and replacement of their community’s shared assets. An extensive physical investigation of the property and a careful review of the available reserve money are both parts of a reserve study. The resulting reserve study report includes a […]
