Frequently Asked Questions
Q: What do I need to give you in order for you to prepare a proposal?
A: We need the name of the CID, number of homes or units and the type of units such as Condo or Single Family.
Q: What is the difference between a Level 1,2 & 3 reserve study?
A: Level 1 is a start from scratch report in which all items are measured/counted and reviewed through an onsite inspection. Level 2 is a report in which we use the component list from the previously completed report and we update the information using an onsite inspection and updating the accounting information. Level 3 is simply an accounting update to the previous year's report. *It is important to know that all three levels include the CA disclosures.
Q: How often is a reserve study done?
A: Reserve studies should be done each and every year as the community must provide it’s membership with updated disclosures each year. The community is required to do a Level 1 or 2 study with a site inspection every 3 years. On the middle 2 years, the community is required to review or cause to be reviewed that study and the community is required to send out updated disclosures to all owners.
Q: When is the best time to start the process for a reserve study?
A: The best time to start the process is 9 months prior to the close of the community’s fiscal year.