What is a Reserve Study?
A Reserve Study is the art and science of anticipating and preparing for major common area repair and replacement expenses in a condominium development.
A Reserve Study allows the Condominium Board to offset the
inevitable ongoing deterioration of the common areas than will be
needed in a condominium development with funds to
ensure the timely repair or replacement of those common areas.
Why Perform a Reserve Study?
First and foremost, all physical assets deteriorate with time. Deterioration is not just possible or probable, it is inevitable.
Secondly, without proper maintenance of the common areas the value of the condominium property decreases and the investment of the owners is reduced
Thirdly to comply with Ohio's HB 135 that requires advance planning and budgeting for condominium.
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