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Complete the Reserve Study
The effectiveness of a community association isn't measured in weeks, days or even
years – it's the decades that make the difference. If the association has done its job,
your community will still look stunning in 20 years, and they only way to achieve
that is with a long-term plan for the major components of your community. As
mentioned previously, reserve studies are a major reason that regular maintenance
is important, but it's equally important to make sure that long-term planning is
there in the first place.
Reserve studies are typically created by a specialist who will work with a team
to complete a deep inspection of your community, research the lifecycle of each
component of your community, confirm the costs, and establish timelines for
any major work that will need to be done. A thorough reserve study will even
incorporate economic forecasting to ensure that inflation is accounted for in the
estimated costs of these projects. After all, the price for renovating the clubhouse
in 20 years will be different from the cost today. Overall, a reserve study will allow
your community to reap the benefits of a successful maintenance plan on a much
larger scale for many more years to come.
Mike's Tips
Preserving your community not only protects your investment
but protects the environment as well. Sustainable living is
living for the future and today.
Invest in maintenance reducing products like Smart Screen®
that protects gutters from clogging with leaves. A short term cost
can lead to long term savings and value!
