HPA works on a first come, first serve basis. After your organization submits the preliminary deposit, the signed authorization form, and completed pre-site visit questionnaire, HPA typically completes the first draft of the study in 4-8 weeks depending on the season and demand.
Once a reserve study is established, it’s recommended to be updated every 3 to 5 years. If you have unexpected changes, we can talk about the benefits of a financial only update.
There is a four part test to discern what qualifies as a reserve item:
Common property item
Estimated useful life
Remaining useful life
Exceeds a financial value that separates it from a typical maintenance item.
A typical maintenance item is a routine expense such as landscaping.
A special assessment occurs when an expense arises that the HOA or entity did not save adequately for requiring the residents to pay an unplanned mandatory fee. Reserve studies allow communities to plan for upcoming expenditures over the next 30 years which lowers their risk of special assessment.
Every study is different, just like every property is different, and we provide free proposals. The cost depends on the age of the property, the size of the property, the number of reserve components, and location.
We serve clients within a 3 hour radius of Nashville.
Reserve Studies are a helpful resource for many types of properties. See the Who We Serve page to learn more.
A Reserve Study does not have to be performed by an engineer; however Andrew has a bachelor’s degree in civil engineering. Should you require structural engineering services, HPA recommends Onsite Engineering.