Welcome to another episode of The Uncommon Area with your host, Matthew Holbrook! In this episode, we’re diving deep into the world of reserve studies—a crucial aspect of managing homeowner associations (HOAs). Joining us is Mark Smith from Advanced Reserve Solutions, who brings extensive expertise in the field. Mark explains the importance of reserve studies and how they function as a financial plan for associations. He details how to build a reserve study, covering the essential components such as asset evaluation, cost estimation, and budgeting. Whether you’re a new board member or a seasoned manager, understanding these concepts will help you maintain and enhance your community’s financial health.

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• What is a Reserve Study?: Mark breaks down the concept of a reserve study and its significance for HOA financial planning.
  
• Components and Calculation: Learn how to itemize and assess the useful life and remaining life of assets like roofing, painting, and other community components.
  
• Legal Requirements: Discover the legal obligations for reserve studies, including the need for physical inspections every three years and the implications of missing these updates.
  
• Effective Reserve Studies: Insights into what makes a reserve study effective and the pitfalls to avoid. Mark shares tips on gathering accurate information and how to handle price increases and inflation.
  
• Visual Inspections: Gain an understanding of the process for determining the remaining life of various components through visual inspections and industry standards.
  

Mark Smith is the San Diego Regional VP of Advanced Reserve Solutions, Inc. He has over 15 years of professional reserve analysis experience and has personally prepared over 3,000 reserve analyses for communities throughout the State of California.

Connect with Mark on LinkedIn

Check out more about Advanced Reserve Solutions

The post Reserve Studies Pt. 1: The Blueprint | Ep. 60 appeared first on Action Property Management.