What is a reserve report?
A reserve report is a financial plan for commonly owned properties. A reserve report identifies all common and limited common property owned by a community that will require replacement or refurbishment over the life of the property. The report quantifies all common property, identifies typical life spans of each component, projects remaining life spans of common components, estimates the cost to replace or refurbish each common component, evaluates current fund status of the property’s reserve fund, and recommends annual contribution to meet property needs.
Developing Reserve Studies for...