Reserve Study Update with Site Inspection
This type of update is a reserve study in which GeoReserves has already prepared a full reserve study once before and includes a site inspection. Because GeoReserves has already reviewed the CC&Rs, compiled a complete component list, and developed an existing funding plan, it usually will be able to prepare a new reserve study in less time. This service should satisfy any legal requirements for obtaining a reserve study depending on the state in which the community is located, contact GeoReserves for additional information.
A reserve study update with site inspection includes the following:
- Conduct an on-site analysis, or site inspection, to verify the previous Component List inventory and make any necessary adjustments. A general visual estimate of condition for each component is also performed.
- Reserve study analysts are not building inspectors nor does a reserve study scope of work include any type of detailed inspection of parts or other test of performance, only a general visual observation is done.
- Contact the manager, board of directors, or other agents for any additional information or questions.
- Finalize the updated Component List, which summarize the results of the Physical Analysis.
- Update the previously prepared Financial Analysis with new financial projections and funding plan recommendations.
The first draft of the updated reserve study is now ready to be sent. From here:
- The manager and board of directors are welcome to review the first draft and contact GeoReserves with any questions or potential revisions.
- All questions and feedback are welcome. These reports are designed to make any mistakes easy to spot and correct.
- Two rounds of revisions are included in the scope of work to make sure you are confident in the final product.
