After we have a Property Reserve Plan completed, what do we do with it?
First, take the time to review the report carefully. Make sure the component information is complete and accurate. If there are any inaccuracies, please inform us immediately so we can revise the report.
Once you feel the report is an accurate tool to work from, use it to help establish your budget for the upcoming financial year. This report will help you to work out the correct amount of money to go into the reserve fund.
Additionally, the Reserve Study will act as a guide to assess quotes for pending projects.
The Reserve Study also needs to be readily available for real estate agents, brokerage firms, and lending institutions for prospective future owners. As the importance of reserves becomes better understood, people are requesting owners to reveal the strength of the Reserve fund before they purchase an apartment or townhouse.
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