RDA helps protect the financial assets of your condominium.
A reserve study is an invaluable tool for the smooth operation of condo communities. Condominium associations are responsible for maintaining common areas and elements. With time, though, these elements will decline and need repairs or replacements.
While a condo association relies on member dues to pay for daily expenses, major repairs or replacements of assets typically require larger sums of money. As such, it is essential for a condo to maintain a reserve account, allowing the community to remain prepared for future costs.
A condo association reserve analysis or study helps associations determine the level of funding they need at any point in time. This study includes an assessment of the association’s components and current funding balance, which are then used for condo association capital planning. At its core, a reserve study tells you how much money you need in your reserve fund and how much each member should contribute to the fund within a given timeframe.
Without a reserve study, a condo association would be operating without direction. It would not know whether or not its reserves are sufficiently funded. Faced with a major expense, the association would then have to charge special assessments or take out a loan.
Here are other reasons why a reserve study is important to a condo association:
Reserve Data Analysis provides each community with an RDA report as part of our condo condo association reserve study service.
Our report includes the following:
We use localized cost guides as well as economic and investment parameters to generate all of our reports. All of our clients receive our undivided attention and dedication throughout the reporting process. We also offer our support and guidance throughout the entire year, so you can contact us for any questions you may have about long-term planning and budgeting.
Reserve Data Analysis offers four levels of service for reserve study for condominiums. All levels come with the following:
This level of service comes with a physical on-site walkthrough of your condominium to determine the condition of your components and to take precise measurements.
This level of service comes with a physical on-site walkthrough of your condo association to determine the condition of your components, but there are no measurements taken.
This level of service does not include a site visit or inspection but comes with a readjustment of your funding plan using your prior condo association reserve fund study calculations to compensate for such things as inflation, price hikes on materials, investments, and yields on your investments.
This level of service does not include a site visit or inspection. Instead, you can save money and learn about your community by conducting the inspection yourself. It includes a step-by-step guide through the collection process of components and measurements. Using the data you’ve collected, our corporate office compiles your measurements and validates your information to ensure no costly mistakes.
RDA’s self-made and self-contained software is a fully integrated management, computational, and projection tool. Our software allows for greater detail, more accurate projections, and more intricate computations without the limitation of a 20- to 30-year window.
Using this software, our report also comes with a 3D MODEL of your facilities with a detailed breakdown of square footage.