Condo Association Management Blog

The price for a reserve study varies widely based on whether a completely new study is needed or if a reliable past study needs to be updated. The price difference occurs because of the amount of property description provided by the consulting firm. This can be a tedious process and sometimes unnecessary issue.  
 
 
 
Price can also vary depending on the common area elements that are included in the study, flat or pitched roof, number of stories, etc...  
 
 
 
Please contact us if we can help answer any questions and we would enjoy the opportunity to provide a free proposal for completing a reserve study.

Reasonably-minded unit owners should be able to review the property and identify necessary future projects, then get estimates from contractors. Ensure you have $1000 to $1500 per unit in reserves now, and assess as projects come up. Reserves study by outsider is lkely to identify every project under the Florida sun, way more than you will likely need. Save your money and do the study yourself. Kb

The short answer to your question is that the cost of a capital reserve fund study for your property / association would be about $3,500. When we quote a fee we consider how much time would be required on-site to do a thorough evaluation of the present condition and replacement schedule for all your common area components. Clearly, the extent of the components is the control on that time. Office time for analysis and report time is not as dependent on component quantity. The benefits to be gained from a capital reserve fund study prepared by an experienced professional are several and should be clear from the presentation offered to you by the professional.

A typical reserve study cost is anywhere from $2,500 to $6,000. It depends on what you want, how in depth you want to be and who you hire to do it. 
 
There are many good self-study software packages out there for $500 or so. You can do a google, Yahoo or Bing search for reserve fund self-study. I have also recently written an article for the CAI Michigan Chapter magazine (that is not published yet) on the what to do when you want to do a reserve study; what the board needs to think of, how to plan and a general idea of how to spec and what to expect. If interested, I can send that article to you. There are also ways to do your own study - deciding what you need to reserve for and then obtaining bids on those items,using an average as a baseline. 
 
If you need more advice, I am happy to help. Often it is nice to have a professional report, though. The biggest thing is keeping it updated. In my opinion, communities obtain them and never keep them updated, which is what hurts them in the long run.

Hey Joe 
 
If possible, please send me a copy of that article that you wrote on the reserve study. Thanks 
 
Clark

Joe, if you want me to post your article in learning tools under sample documents, send it to info@condoassociation.com