Question 1

What is a reserve study?

Accepted Answer

A reserve study is a comprehensive analysis of a community's major common area components, their expected remaining useful life, and the funding needed to repair or replace them. It helps inform the executive board and the association of the dollar amount that should be maintained each year in an adequately funded 'repair and replacement reserve' to eliminate special assessments due to normal wear and tear.

Question 2

Why is a reserve study required by law?

Accepted Answer

In many states, including Delaware, the Uniform Common Interest Ownership Act (UCIOA) requires community associations, condominium associations, and homeowners' associations to create and maintain 'repair and replacement reserves' in amounts based on a reserve study conducted by a competent professional.

Question 3

What areas does Whayland Consulting Group serve?

Accepted Answer

Whayland Consulting Group serves communities in Delaware, Maryland, Virginia, Pennsylvania, and New Jersey.

Question 4

How does a reserve study benefit a community?

Accepted Answer

A well-conducted reserve study provides the community with the assurance that the major property expenses they'll incur in the future are anticipated and planned for early on. This helps to avoid special assessments due to unexpected repairs or replacements, ensuring that the community's property is well-maintained and its residents' financial interests are protected.

Whayland Consulting Group

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Frequently Asked Questions about Whayland Consulting Group

What is a reserve study?

Why is a reserve study required by law?

What areas does Whayland Consulting Group serve?

How does a reserve study benefit a community?

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