Do you know how to predict an asset’s remaining life, life when new, and estimated replacement cost of an asset?
A reserve study is the key to save money in the long run but also protects the value of your properties in the following ways:
1. Helps prepare the budget with industry standard current costs per the Marshall & Swift Valuation Service.
2. Ensures the proper funding is available to make repairs and replacements, maintaining a positive image of your community and keep property values up.
3. Keeps your association running smoothly and a thorough plan is put in plan moving forward.
4. Helps eliminate or minimize unexpected special assessments
5. It’s unbiased and objective and puts the board of directors, homeowners, and property managers on the same page.
Literally, it's a road map for the community to have an idea of what capital items to replaced/restored, when to replace them, an estimate of how much the replacement will cost, and how much annual funding to set aside each year over 30 years; but it requires a professional with construction, engineering, and subject matter expertise to perform this reserve studies per the Community Association Institute (CAÍ), in which we are a member of the Good Coast Chapter.
Planning ahead for building inspections, not only saves money in the long run, but also protects the value of your properties. In this way, with Smyth Engineering, a complete package can be developed that is cohesive in that the milestone inspection will reference the reserve study and vice versa.
At Smyth Engineering, we understand the importance of smart savings. Thank you for trusting us to secure the future of your investments!
Investing with us, is investing in peace of mind. 💼💡