A great question – “Is a full Reserve Study practical for our small HOA? Is the price worth it, or better to just put that money towards the costs of upkeep?”
We hear this question often. In our opinion, even though you are a small association, if you are not budgeting properly for future major repairs and replacement, when a substantial expense comes up, it can be a difficult time to gather the funds necessary to address the project. Especially in small associations where it is a close knit group and you are all “friendly” to each other, money has a funny way of getting in the way of getting something accomplished. With that said, it is always our opinion for every covenant controlled community to have a Reserve Study in place, no matter the size or age of the community.