What is a condo reserve study and why do you need one?

  A condo reserve study is an important tool that condo associations use to plan for future repairs and replacements. The study provides a comprehensive analysis of the current condition of the property, as well as estimates of future costs. This information is used to develop a funding plan to make sure that there are enough funds available when repairs or replacements are needed. Reserve studies are typically updated every few years to keep up with changes in the condition of the property and cost estimates. While condo reserve studies are not required by law, they are highly recommended by condo experts. Having a condo reserve study can help avoid potential p roblems down the road, such as special assessments or loans taken out to cover repair costs. If you're thinking about buying a condo, be sure to ask if there is a condo reserve study available. Condo associations should consider conducting a condo reserve study if: - they don't have one already, - it's been more th...