Frequently Asked Questions

Q: What do I need to give you in order for you to prepare a proposal?

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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?

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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.

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Q: How often is a reserve study done?

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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.

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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.