Understanding The True Benefits Of An Hoa Reserve Study

By Author: Jessica Smith
Total Articles: 9
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HOAs are essential components for a range of communities throughout northern Illinois and the Chicago area. From amenity maintenance to neighborhood utilities, HOAs are very much in need. However, in order for a homeowner’s association to be able to do its job, its members must have access to a wide range of specific information for planning purposes. The most important tool for gathering that information is an HOA reserve study. What are these studies and why should you be concerned?

What Is an HOA Reserve Study?

First, let’s look at what an HOA reserve study actually is. In the simplest terms possible, this is a report that contains a full physical and financial analysis of the neighborhood. This report fully lists all the elements that the HOA is responsible for maintaining, and can include a variety of items, such as clubhouses, fitness centers, swimming pools, playgrounds and much more. Of course, this report is far more than a simple inventory list. It also includes a full physical assessment of each element/item, as well as a detailed financial assessment of the replacement, repair and maintenance ...
... costs for the full inventory list.

Why Do You Need an HOA Reserve Study?

Why is this type of study necessary? First, Illinois law requires it. Second, it just makes good financial sense. The concept illustrated above is pretty simple and straightforward; however, it has some significant ramifications. The information contained within HOA reserve studies allows your association to adequately develop a reserve fund for the next three decades to ensure that all repairs, replacements and maintenance costs are fully covered.

The Need for a Professional

You might think that preparing such a report is a pretty simple task. However, it’s actually much more complex than it seems on the surface and requires the expertise and understanding that only a licensed architect can provide. The physical analysis must be accurate, and the financial analysis process is extremely complex. A professional can ensure accuracy in all areas and offer your association the peace of mind that only comes from working with a licensed, skilled expert.

An HOA reserve study is a vital consideration for your association. However, it’s just as important that you choose the right professional for the job. Make sure that your association selects a reputable, licensed architectural firm with years of experience and satisfied clients to their credit.

J.Hershey Architecture is the premier choice in Northern Illinois. They are specializing in high quality Hoa Reserve Funds for property situated in Libertyville and throughout the Illinois.