Things To Consider When Planning A New Jersey Reserve Study

1. Things To Consider When Planning A New Jersey Reserve Study Brought to you by: www.lockatong.com

2. Having a reserve study if you are a property owner or manager of an association in New Jersey makes good business sense. The reserve study will help you ensure that there is proper reserve funding that you can use when you need to conduct repairs or replacements of the property’s or association’s major elements such as mechanical systems, pavements, roofing, sidewalks, clubhouse, and more. It is important to make sure that it is performed after a number years. It usually includes a visual inspection of the common areas of the property. Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

3. When planning your New Jersey reserve study, there are a number of things that you need to keep in mind. First, you need to know that reserve study preparers are not the same. There are various ways that you can use to evaluate the firm or individual that is going to be in charge of your reserve study and verify if they have the right qualifications or not. Among the things that you will need to look for include the knowledge and experience of the firm or individual, their ability to understand your needs, accountability and quality control, availability and local expertise, as well as professional education. Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

4. Another important thing you need to know when planning to do a reserve study is that not all reserve studies are equal. Back in the day, reserve studies used to include a list of all components, their repair or replacement cost, as well as the useful life that they are left with. But nowadays, things are different. Reserve studies not only include financial analysis, but also comprehensive physical analysis that includes things such as the existing condition of the components as well as their actual expected life. Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

5. This comprehensive analysis will make it easier for you to make an informed decision when you are trying to determine the amount of money that should be set aside every year in a reserve fund. It is also important to know that full funding of a reserve study may be an indication that you are overfunded when you are planning to do a reserve study. There are a number of common funding goals that you can use as the basis for your reserve fund planning in future. They include baseline funding when your cash flow projection is zero at a particular point, component full funding that involves keeping each component that is part of the reserve study 100 percent Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

6. funded, and threshold funding that depends upon keeping the minimum balance within the fund. Others include statutory funding and pooling method.Another thing that you should not forget to keep in mind when planning a reserve study is annual maintenance. The reserve study will not be the only funding that you will require for the upkeep of the components in the association or property. It will only be used for the major repairs or replacements. It is supposed to cover maintenance tasks, repairs and replacements that are non-annual. Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

7. For more information on things to consider when planning a reserve study New Jersey , check out my website today. Things To Consider When Planning A New Jersey Reserve Study Lockatong.com

8. Things To Consider When Planning A New Jersey Reserve Study Brought to you by: www.lockatong.com