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Throughout the life of a community association, the board has a fiduciary responsibility to maintain and repair the common elements. ARCHforensic prepares reserve studies to assist community associations with the budgeting for repair costs to their capital items such as roofs, siding and concrete. The purpose of the reserve study is to provide information regarding each capital item's life expectancy and replacement costs. In other words, the reserve study helps determine the deterioration of capital items due to ordinary wear and tear. Thus, it is important for a community association to seek a reserve study and have it updated to measure and accommodate ordinary wear and tear of the common elements.
For more information regarding ARCHforensic's Reserve Study Services, please call (201) 874-3736.
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