Reserve Studies Built for Board Decisions
Reserve Planning That Helps Boards Know What Comes Next
A reserve study is a long-term financial plan for your community's shared assets — and since 2012, HPA has helped HOA and condo communities, faith and recreation centers, schools, businesses, and apartments across Tennessee, Kentucky, and Northern Alabama get studies they can actually use. Our clients come back because our reports are clear, our process is tailored, and we stay available long after delivery.
Just because it's required doesn't mean it shouldn't be valuable.
Our reports are written for boards, not to check a box. Clear, practical, and designed to help your community make confident decisions about what comes next.
Your reserve study should work for your board. Let's make sure it does.
Trusted. Certified. Connected.
We’re proud members of leading professional organizations supporting community association excellence, including:
National and Tennessee Chapters of the Community Associations Institute (CAI)
Association of Professional Reserve Analysts (APRA)
The Hart Property Advisors Difference
At HPA,
We Show Up
Reserve planning works better when someone actually knows your community. We visit every property in person, build lasting relationships with the boards and managers we serve, and stay available long after the report is delivered.
800+ Studies.
Built for Clarity
Our reports are detailed, readable, and built around photos of your actual property. Every common element is documented visually so boards can see exactly what they're planning for. The result is a study that takes the guesswork out of assessments, gives future boards a foundation to build on, and makes budget season a little easier for everyone involved.
Stay Compliant.
Stay Prepared.
Reserve study requirements come from multiple directions — state law, lender guidelines, and industry standards. Fannie Mae and Freddie Mac are raising expectations for communities everywhere.
In Tennessee, a reserve study is required by law for many communities. You can trust our experience to help you understand what applies to yours.
We Tailor to
Your Needs
No two communities are the same. Every reserve study we deliver is built around the unique characteristics, priorities, and budget realities of your community — not a template. That's not just how we build better studies. It's how our entire process works.
Partnering with Community Leaders Across Tennessee, Kentucky, and Northern Alabama
Service Area
We serve clients within a 3-hour radius of Nashville.
Property Types
Single-family HOAs
Condominium and townhome HOAs
Mid- and high-rise HOAs
Apartments
Businesses
Worship centers
Private clubs and recreation centers
Schools
“Your reserve studies have taken the guesswork away from our board and provide a foundation for future boards. No more long meetings trying to figure out assessments or what should be in the bank. Thanks for making my job a little easier.”
Community Manager, Nashville, TN
Frequently Asked Questions
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At HPA, we operate on a first-come, first-served basis. After your organization provides the preliminary deposit, signed authorization form, and completed pre-site visit questionnaire, we generally complete the first draft of the reserve study within 4-8 weeks. This timeline may vary depending on seasonal demand and project volume.
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Once your reserve study is established, we recommend updating it every 3 to 5 years. If there are unexpected changes, we can discuss the benefits of a financial-only update.
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To qualify as a reserve item, it must meet a four-part test:
It must be a common property item.
It must have an estimated useful life.
It must have a remaining useful life.
It must exceed a financial value that distinguishes it from typical maintenance items.
A typical maintenance item is a routine, ongoing expense, such as landscaping or cleaning.
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A special assessment occurs when unexpected expenses arise that the HOA or entity hasn’t adequately planned for, forcing residents to pay an unplanned, mandatory fee. Reserve studies help communities plan for future expenses over the next 30 years, reducing the likelihood of special assessments.
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The cost of a Reserve Study varies depending on the age, size, and location of the property, as well as the number of reserve components involved. Every property is unique, so we offer free proposals based on your specific needs.
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While a Reserve Study doesn’t have to be performed by an engineer, Andrew Hart, our specialist, holds a bachelor’s degree in civil engineering, providing additional expertise for our clients.
