Full Reserve Studies
Protecting the Full Potential of Your Community’s Future
At ROYAL Reserves, our Full Reserve Studies provide a comprehensive analysis tailored to your community's unique needs. Whether you're managing townhomes, high-rise condos, or resort properties, our Certified Reserve Specialists are here to guide you every step of the way.
What is a Full Reserve Study?
Selected when you have never previously prepared a Reserve Study, when prior Reserve Studies fell short of meeting National Reserve Study Standards (NRSS), or when your most recent Reserve Study is severely outdated (usually at least 10 years); a Full Reserve Study includes an in-depth evaluation of your community's physical assets and maintenance project needs, an evaluation of your community’s current financial health, recommended future funding strategies to allow you to meet all future project needs that minimize or eliminate any need for unwanted Special Assessments, and a complete conditional assessment of your physical components with matching photographs reflecting their current status.
Full (Level 1) Study vs. With-Site-Visit Update (Level 2) Study
You may have noticed that Full Reserve Studies are very similar to With-Site-Visit Updates to Reserve Studies. So what sets them apart, especially considering the significant cost difference between the two Levels of Service?
The most dramatic difference is in the identification, and quantification of your components. Whereas Updates to Reserve Studies already include knowledge of all of your components and their number, area, length, ages, etc. When preparing a FULL Reserve Study, the inspection must discover, locate, count or measure, determine age and note the location of every component that is common area responsibility. This is by far the biggest difference in preparing a Full Reserve Study versus an Update.
Other differences include the need to gather governing documents like Rules and CC&R’s, maps and separation of responsibility records/notes.
The good news is that a Full Reserve Study should only be needed one time in your community’s life - assuming you don’t let it go without any updates for too long of a period. Fortunately, state laws or requests by lenders for updates, keep these Studies from going too many years without a legitimate update. Many of our clients elect to keep their Reserve Study Updated annually with our Auto-Update Program which you can learn more about here.
