Reserve Study for condo building
Hi, I live in a pre-war condo building which was converted from rental to condo about 3 years ago, and we have a pretty healthy reserve (it started at about $175K for 16 units). We have been making some major improvements to the building, chipping away at the reserve, but I wanted to know the minimum that we should leave in the reserve. I understand that it would be best to get a RESERVE STUDY done – where they come evaluate all of the bigger cost items, and tell you a number which is considered a safe/healthy reserve – but who does this kind of thing?! I contacted my original inspector (who is an engineer) and he said he could do it but it didn’t sound like it’s something he does often. He quoted me $3K, though the original inspection he did for my apt. (which also takes into account the age of the boiler, roof, etc.) was somewhere around $600\. I think I could just look at my apt. report and come up with my own reserve number for the building?!?! Any advice in this area would be great appreciated! Thanks.
maryk
in General Discussion 11 years and 10 months ago
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cate | 11 years and 10 months ago
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Maybe you can just estimate the age of the various systems and when they will need to be replaced and their cost. For example, roof, boiler, plumbing.