Tips For Boards In Need Of A Condo Reserve Study
Condo reserve studies are vital planning tools for your property
. Without an accurate, in-depth condo reserve study, you will be unable to develop an adequate financial reserve or a plan to meet the ongoing maintenance and replacement needs for your development. Of course, getting the right report is key here, and the secret to having access to the most accurate information is working with the right professional. Here are some important tips for any Board of Directors in need of a reserve study.
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Customer Testimonials Matter
One of the first considerations youll need to make before hiring any professional or firm to conduct a condo reserve study is to do a little research on their background. Perhaps the most important thing to look for is a history of satisfied clients, and that is demonstrated very well in the number of customer testimonials. Pay attention to exactly what each customer says in their testimonial and consider how that will be of value to you.
Professional Affiliations
Any architectural firm you hire to complete your condo reserve study should be a member in good standing of several professional organizations. Moreover, they should be proud of those affiliations and should list them prominently on their website. Look for professional affiliations that include:
The Community Associations Institute (CAI)
The Association of Condominium, Townhome and Homeowner Associations (ACTHA)
LEED certification
Share:American Institute of Architects
Environmental Expertise
Today, sustainability is a huge consideration for all properties. It makes good sense to ensure that the professional or firm you hire has the expertise and knowledge required. LEED accreditation is the most important credential to look for, but you need to see more than just credentials. You need to see a history of LEED-certified projects completed by the architectural firm.
Additional Services
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Finally, youll need to ensure that the professional you hire is capable of offering more than just condo reserve studies. He or she should be able to supply you with modified reports, including transition studies and site plus clubhouse studies. Building repair studies, architectural unit reviews, construction monitoring, bid design documents and capital reserve studies should also be available to you.
With a licensed, accredited architectural professional by your side, you can ensure that your condo reserve study is as accurate and comprehensive as possible, while simultaneously avoiding the pitfalls that come with trying to create such a study on your own.
by: Jessica Smith