When one purchases a home the home buyer is buying the home and surrounding land and is responsible for all maintenance and repairs be they minor or major. This is one of the distinct differences when buying into a condo. As the condo buyer not only are you purchasing the condo but also you are buying into an home owners association and all of the maintenance and repairs (minor, major, etc) for the particular association.
In order for the association to be properly funded for maintenance and repairs an association will hire a company to provide a Capital Reserve Study.
The Lannes Group Inspections Staff, which includes Licensed Inspectors, Engineers and CPAs are qualified to do building inspections and estimations on repair/replacement costs for all components related to the said property. These studies can be done every 1-5 years and at a cost of $1,000+ depending on the depth and breadth of the particular study.
The goal of the study is to set a minimum level of annual reserve contributions made by a home owners association. This will help to ensure adequate funds exist for a significant repair/replacement of any component associated with the property. The study breadth and depth of evaluation can vary depending on many factors but as a general rule the goal is to determine the present condition of said component, the remaining useful life, and the replacement costs.
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