What Happens During A Reserve Study NJ

1. What Happens During A Reserve Study NJ Brought to you by: http://www.lockatong.com/

2. Benefits of a reserve study NJ to a homeowners association should never be underestimated. The reserve study consists of a number of assumptions and estimates that are very important when it comes to the maintenance of the property in question. One of the most important benefits of this study is calculating the remaining life of the area components. • For instance, if a previous reserve study showed that the remaining life of the roof was fifteen years and it is found to be only ten years from the current study, it means that you have less time to accumulate the required funds. This translates into much higher assessments and most importantly a change in the remaining useful life of the property. What Happens During A Reserve Study NJ www.lockatong.com

3. You may be wondering about how the remaining useful life of components is calculated during a reserve study NJ? Well, first of all, you need to realize that the calculation is just an estimate because you do not know the exactly when the major repair or replacement will take place. • All you are doing is planning for it in advance in order to avoid being inconvenienced when it actually happens. The real remaining life of the area components may be longer or shorter compared to what is estimated in the reserve study. The study attempts to predict the remaining useful life of the property as closely as possible. What Happens During A Reserve Study NJ www.lockatong.com

4. Among the first estimates when a component is put to use is usually based upon the warranties, contractor estimates, manufacturer’s representations, common industry practice and the cost estimating database. Each of these sources may have different estimated lives of the same component. • It will be up to you to decide upon the estimate that you will use for your reserve study NJ. This life is referred to as the useful life while the period of time is referred to as the replacement cycle or normal life cycle. Virtually, all components that a building is made up of are anticipated to deteriorate with continued use. What Happens During A Reserve Study NJ www.lockatong.com

5. As time goes by, the condition of the common area components will not remain as it used to be in the beginning. The components may not necessarily change according to the estimated useful life. • This means that the remaining useful life of the components can be adjusted whenever a new reserve study NJ is conducted. One of the reasons why it is very important to assess the condition of the components as part of the reserve study to determine the life that they are left with. What Happens During A Reserve Study NJ www.lockatong.com

6. To figure out the useful life of components during a reserve study, reserve preparers will want to know a number of things from you or your maintenance staff, including your future plans for the major repairs or replacement for every component that the property is made of. They will also ask you about the maintenance activities that you may have currently as well as existing factors that may impact the remaining life of every important component. • Other things that the NJ reserve study preparers will ask about include product quality and warranties. You will need to corporate fully with them if you want the study to be useful. What Happens During A Reserve Study NJ www.lockatong.com

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