The study itself
- What does a reserve study contain?
- Two parts, as CAI's standards describe them: a physical analysis listing each common component with its remaining life and replacement cost, and a financial analysis comparing the reserve fund to what those components will cost, with a funding plan.
- How long does one take?
- For a single building, plan on a site visit of a day or less and a draft a few weeks later; large garden complexes take longer. The board meeting to review the draft is usually what sets the finish date.
- Who should do it, an engineer or a reserve specialist?
- For a city building with a facade, boiler plant and garage, a provider with a licensed engineer or architect on the team is worth asking for. For an HOA with roads and roofs, a credentialed reserve specialist is often enough. Many firms combine both.
Money
- What is "percent funded"?
- The reserve balance divided by the share of each component's cost that has already been "used up" by age. It is a snapshot of how far ahead or behind the fund is, not a target in itself.
- Can a co-op use its mortgage instead of reserves?
- Yes, many do, by refinancing the underlying mortgage or using a line of credit. The study should show the cost of that route against an assessment, so the board compares like with like.
- What does a study cost?
- Height, plant, garages and the state of your records set it; the ZIP code barely does. Our pricing page lists what moves the fee.
Rules
- Is a reserve study legally required in New York?
- Not by statute. See our guide to the rules for condos, co-ops and the NYC local laws.
- Must the board share the study with owners?
- No statute we know of says so, but owners and shareholders often have rights to inspect books and records under the Business Corporation Law, the bylaws or the declaration. Check with the association's attorney before refusing a request.
- Do buyers ask for it?
- Buyers' attorneys often ask whether a study exists and what it says about upcoming assessments. Having a recent one makes those answers easier.
Start a quote request for your building
Tell us the building, your seat on it and when the last plan was done. Within one business day we come back with a reserve study provider that works in your borough or county, and their proposal comes to you, not to a list.
We are an introduction service, not a reserve study firm. The provider pays us for the introduction; the board pays nothing extra for using this form. Your details go to that provider only after you say yes.
Thanks. Your building is on our desk.
Expect one message from us within a business day: the provider we would put forward for this building, and the reason we chose them.
Reply yes and they receive your request; reply no and your details stay with us. No newsletters, no follow-up sales calls.