subject: Austin Hoa Reserve Studies : Spectrum Association Management [print this page] Certain expensive common elements for every HOA in the Austin area must be replaced every 10, 15, or 20 years. Part of preparing the budget for a community association includes calculating how much money the association must set aside this year so they have the needed funds when the street, fencing or pool pumps need to be replaced. To make sure your homeowners association estimates as accurately as possible, your property management company should work closely with a reserve specialist.
The reserve specialist will prepare a study that will provide the board and property management company with the guidance on how to keep the homeowners associations physical assets from deteriorating faster than the financial assets increase.
The reserve specialist will visit the community to inspect it and prepare a written reserve study for the association. That report will include an inventory of all common area items, recommendations on what needs to be replaced and when, what the replacements will cost, and a plan for paying for them.
The reserve specialist that is chosen should have the expertise and experience to accurately determine the life cycles of your common components and help the board estimate the cost to repair or replacement them.
The reserve specialist should also be an expert at analyzing the financial resources needed to maintain the common elements over time and advise the board how to balance the size of the reserve fund against the deterioration of the common elements.
Since the communitys physical assets are constantly decaying, the guidance of a reserve specialist will help the board and property management company protect those assets and keep the community looking its best at all timesand that helps protect your property values!
Spectrum Association Management has worked with many reputable reserve specialists in the Austin area, can help the board of directors effectively manage the financial wellbeing of the community association.Visit http://www.spectrumam.com/ for more information.
