Understanding Reserve Studies in Real Estate: A Necessity for Eastern Shore Condo buildings
Understanding Reserve Studies in Real Estate: A Necessity for Eastern Shore Condo Buildings Introduction When it comes to managing a condominium building, whether it's a beachfront paradise or a cozy community on the Eastern Shore, careful financial planning is essential. One crucial aspect of this financial planning is the Reserve Study. In this blog post, we'll delve into what a Reserve Study is and why it's required for all condo buildings on the Eastern Shore. The law was set for all buildings to have their reserve study done by the end of October last year. What is a Reserve Study? A Reserve Study is a comprehensive financial planning tool used by condominium associations and homeowners' associations to forecast and allocate funds for the long-term repair, replacement, and maintenance of common elements within a condominium community. These common elements may include roofs, HVAC systems, elevators, parking lots, and more. The primary goal of a Reserve Study is ...