It’s Your Reserve Study – Can You Ask For Changes?
May 10, 2019 No Comments
Yes, it is a Reserve Study prepared for your association, and you are the client. But in this case, the client is not always right.
Yes, it is a Reserve Study prepared for your association, and you are the client. But in this case, the client is not always right.
A Maryland court recently entered a $1M judgment against the Tomes Landing Condominiums and its management company, MRA Property Management, for providing misleading budgets to prospective purchasers. Read more here.
In the live Q&A session after a one of last week’s webinars, one participant asked when it was best to perform a Reserve Study for their association… suggesting that he thought it would be best in the last quarter of a major component’s life.
I was recently contacted by an association explaining their strategy of not funding their Reserves according to the recommendation in their Reserve Study. They looked at that recommendation, then decided on a smaller contribution rate that they felt was reasonable (about half, they explained).
Sometimes a client will be candid with us, and ask for the recently completed Reserve Study to be revised “because the Board has decided to not do the _________ project this year as recommended, they plan to do it __ years from now.”
Yesterday three things happened that were the result of people taking Reserve Study projects into their own hands. Weird that they all happened in one day. Unfortunate, because they each point out that some tasks are best left to a professional.