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Reserve Study Vs. Condition  Continued From Page 13


moisture meters to check for moisture intrusion of wall or roof systems and infrared cameras to check for thermal anomalies in electrical/mechanical components and enclosure. If warranted by the project history or preliminary observations, intrusive, or destructive testing, the creation of openings in the roof or wall systems to observe and evaluate concealed conditions, may be recommended. The BCA report will contain a description of the property and its components and a summary of its findings. Recommendations for repair and maintenance of the building which are both prioritized by urgency based on life safety, impact to occupants, and potential for continued or additional damage. Photo documentation and, if available, marked up drawings of typical conditions and repair areas are provided, and repair costs are projected over an agreed upon period. BCA reports do not typically include the reserve fund financial analysis of a reserve study but are valuable in refining any future reserve fund study.


The Cost and Frequency of a Reserve Study


As compared to a specialist inspection, the cost of a reserve study is about ten times less, but can vary widely based on community details. A reserve study is updated annually and a Site Inspection is completed every 3 years. Generally, a reserve study can be completed within 8-10 weeks, but there are exceptions that could reduce or extend that timeline. Without equivocation, having the findings and ROM (Rough Order of Magnitude) estimate recommendation from a specialist makes a reserve study more precise.


Building Condition Assessment Cost and Frequency


Due to the in depth nature of a BCA and the licensed professionals involved in its production, the costs are typically greater than a reserve study and the time taken to produce them is typically greater, perhaps 10-14 weeks depending on complexity. A BCA is used less frequently, often years or decades apart, to address milestones and to inform future reserve studies.


A reserve study is updated annually and a Site Inspection every 3 years.


Conclusion


Reserve Studies and Building Condition Assessments are tools that communities can use to help determine the health of both their structures and their finances as they maintain their assets for years to come. Properly implemented, a reserve study can help communities plan for maintenance and renewal expenses and avoid unforeseen additional costs and special assessments. Building Condition Assessments can prepare a community for upcoming expenses, to make decisions about pursuit of warranty or insurance claims and provide a reset for future Reserve Studies.


They help to determine the health of both their structures and their finances.


Communities should discuss with their managers which options meet their needs and keep them in compliance with RCW regulations, requirements of their declarations and bylaws, and the board’s obligations to the owners.


14 Community Associations Journal | November–December 2022


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