Florida Reserve Studies

Facilities Advisors, Inc. has been preparing reserve studies since 1982.  We have worked with condominium, homeowners, and timeshare associations in the following areas of Florida; Miami, Orlando, Daytona Beach, and New Smyrna Beach.

We have prepared numerous reserve studies for all types of associations; condominiums, planned developments, timeshare associations, and cooperatives.  Our reserve study reports are unique - they are designed to meet your statutory requirements, to serve as a maintenance plan, and the reports and disclosures are designed to save you time.  You save time in budget preparation because we prepare the reserve disclosures for you.  Our unique reserve staudy comparison exhibit also saves you time by showing you where our current report differs from the previous report, no matter who prepared the prior report.  It helps report users understand and evaluate what has changed since the prior report was issued.

Our Goals for your Reserve Study

Our primary goal is to make sure that your reserve study complies with statutory requirements.

Our second goal is to make your reserve study something more than simply the fulfillment of a statutory obligation. We believe that the reserve study should be a functional tool used in the financial management of the association. This means that the reserve study needs to be realistic. Too often, we hear from new clients that they don't believe their prior reserve study was correct. We believe that the reserve study should be a reflection of the Association's actual maintenance plan. Therefore we will ask you questions about recently completed and planned future reserve expenditures. While none of us can accurately predict the future over the next 30 years, the association's facilities manager usually has very concrete short-term plans (over the next 1 to 3 years). We attempt to incorporate that plan into the reserve study, otherwise the reserve study serves little purpose.

Reserve Study Services

The advantage of using Facilities Advisors Inc. for your reserve study is that we can provide you with information that no one else can provide, such as a complete inventory by location, down to the level that we can show you every common area component in a specific room.

A Facilities Advisors Inc. reserve study provides you with a dynamic management tool. Our reserve study is a management tool, not a static "once every three years" report.

Levels of Service

Facilities Advisors, inc. offers three levels of reserve study services; Level 1 - Full Reserve Study, Level 2 - Update of Reserve Study with Site Inspection, and Level 3 - Update of Reserve Study Without Site Inspection.

Level 1 - Full Reserve Study

We perform a complete site inspection, obtaining or verifying measurements and counts of common area components. This also includes an evaluation of condition and photo inventory of most components. We then compile the information obtained into our easy-to-understand reports.

Level 2 - Update of Reserve Study with Site Inspection

Once a full reserve study has been completed by Facilities Advisors, inc., we will often perform updates with a site inspection. The level 2 site inspection is less comprehensive than a level 1 site inspection in that we do not obtain or verify measurements and counts unless it appears that there have been changes. We do evaluate condition and update the photo inventory where necessary. We then compile the information obtained into our easy-to-understand report.

Level 3 - Update of Reserve Study Without Site Inspection

An annual update to the reserve study is simply good planning. This allows you to "refresh" the funding plan and account for minor variations form the original funding plan. We inquire about expenditures made, changes in pricing of replacement costs, and variations in funding from the original plan, but do not perform a site inspection. This is a valuable planning tool at a very reasonable cost, generally no more than 25% of the cost of a full study.

 

 

Visit our national office web site at www.reservestudyusa.com to see our full range of services as well as sample reports.

 

Frequently asked reserve study questions

Sample Reserve Study

Request for reserve study proposal form