We had a reserve study update done from another company about 3 years ago and since that time we discovered a few things that were not correctly represented on our previous reserve study. Quantities were wrong and costs were off by quite a bit. We are thinking it’s time to have it updated, but we are no longer confident in what we were provided. Do we have to do a completely new reserve study in order to correct the inaccuracies?
We see this type of problem all of the time. No, you do not have to do a completely new study. An update can be completed by checking the quantities that you are concerned about during the community inspection. All updates include current costs so the previous costs are irrelevant. The list of common element components and quantities are provided by the previous reserve. Quantities can be verified in the field. The costs, useful lives and remaining useful lives are all based on the new reserve provider’s review of the community.
Gene Kazmier, RS
Project Manager/Construction Inspector
*Disclaimer - this content is for educational purposes only and not for site-specific construction or reliance. If you have a site-specific concern, just call us and at no charge, we will meet you to review and discuss.