HOA and Condo Reserves and Reserve Studies Explained

Are you a board member of a Homeowners Association (HOA) or Condo Community? Do you have questions about if you should have a reserve fund or how much you should have in reserves? Want to learn about reserve studies, timing, and costs? Watch our Ask an Expert Video where we ask these questions of Robert Nordlund, P.E., Founder of Association Reserves the Nationwide Reserve Study Company.

The resource Robert mentioned: PlanIt was just offered as a benefit to our existing clients. In 2020 it will be a stand-alone offering. He has not completed the web page, marketing & training videos, etc.. We will have links for you when the marketing content has been completed.

Also if you found this video helpful and want to learn more about Condo and HOA financial reporting, software and best practices please Subscribe to my channel:

[catherinebullock]

Do communities ever borrow money to make capital improvements? (Sprinkler system to reduce insurance expenses.

[alfonsopalomino]

Thank you so much it was very helpful.very important points to know

[rick_h]

I live in an association in CA with 185 units. We installed roofs for $1.1 million in 2018. We had $200k left in the reserves at the end of project. $360k is being allocated to reserves each the year. The board has embarked on a remodel project that replaces outside wood paneling, shingles and trim with a composite material. Cost is $20k per unit. The board's plan is spend all reserves until 2024 and then go for a $2.5 million loan when only 45% of the complex has been completed. Any thoughts?