With-Site-Visit Update Studies
Key Re-Examinations for Your Community’s Financial Health
At ROYAL Reserves, our With-Site-Visit Update Studies revisit your property to update your Component analyses, add components (if needed), update your financial information, and bring cost data up to current market rates. These updates also allow us share with you any new maintenance trends or best practices to allow you to get the most out of your components. Finally, like our Full Studies, our Updates are also completed by our Certified Reserve Specialists.
What is a With-Site-Visit Update Study?
Selected after you have completed a Full Reserve Study that has met National Reserve Study Standards (NRSS); a With-Site-Visit update Reserve Study also includes an in-depth current evaluation of your community's physical assets and maintenance project needs, an updated evaluation of your community’s current financial health, updates to your recommended future funding strategies allowing you to continue to meet all future project needs that minimize or eliminate any need for unwanted Special Assessments, and a updated conditional assessment of your physical components with matching photographs reflecting their current status.
With-Site-Visit Update (Level 2) Study vs. Full (Level 1) Study
You may have noticed that With-Site-Visit Updates to Reserve Studies are very similar to Full Reserve Studies. So what sets them apart, especially considering the significant cost difference between the two Levels of Service?
As you may have read if you visited our Full Reserve Study page, With-Site-Visit Updates will not need to identify, locate, quantify, nor determine age of any component that was originally part of the Full Reserve Study. There may be some additions, but they are usually quite limited. This dramatically decreases the amount of time the inspection requires and is the biggest contributing factor for the large cost differences between these two Reserve Study levels.
The good news is that a Full Reserve Study should only be needed one time in your community’s life - assuming you continue to conduct regular With-Site-Visit Updates. Fortunately, state laws or requests by lenders for these 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.
