The purpose of the Reserve Study is to forecast the required maintenance work and associated cost for the next 30 years. It provides a recommendation on due amounts so the reserves are properly funded when repairs are needed during the 30-year time span. It is recommended we conduct this study every 5 years, we are a little past that with our last study being conducted in 2012. We plan to initiate this study once the rehab project is complete and paid. This study is vital in determining the proper amount for our monthly dues for 2019 and onward.
During this process, an engineer will visit the property and perform an inspection and deep analysis of the entire property. They will account for the fact that during our roof project in 2014 we upgraded to architectural roofs which not only look better but have a longer lifespan. During the rehab project, rotted wood around windows, chimneys, and roof was replaced with a PVC composite that resembles wood but will not rot over time, this will aid in reducing future costs. Both of these upgrades will help in the long term assessment of what repairs will be needed.