A Reserve Study, which is sometimes referred to as a “capital reserve study,” can help associations plan their budgets for future capital repairs and replacements to both the property and major building components. The study will assist them in knowing how much money they should plan on setting aside to complete the various projects required over the next 20 to 30 years. If they do not plan for these expenditures now, they will likely be faced with a special assessment or loan in the future. Reserve studies can be updated annually to assist in the budget planning process. Major updates are normally needed on a 5-year cycle.
On the other hand, a transition study is a one-time event which is used by associations to assess and determine the condition of the property before ownership is transferred from the builder to the association. The report typically includes a list of items that the builder is asked to correct before the property is transferred. This can save the association thousands of dollars in repairs.
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