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 […]
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 […]
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 […]
