B.G. from Cuyahoga County, Ohio writes:
Dear Mister Condo,
We have a 10-unit, 6 single story building Condo. We have no other structures or facilities of any kind, just some simple landscaping. No common utilities. We have waived the Reserve fund requirement. We are reexamining what capital expense we might have, other than roof replacement, that would require a reserve fund. Our roofs were replaced in 2021. Our buildings are fully insured. We are not in a flood zone. Repairs and maintenance like painting are not a capital expense. A Reserve Fund Study could be expensive for the unit owners with there being only 10 units. Are there any do-it-yourself estimate forms?
Mister Condo replies:
B.G., congratulations to you and your condo association for addressing your Reserve needs, few as they may be. Every common interest association should have a Reserve Study. That new roof you just put on begins aging the day it is installed and will eventually need replacement, just like the roof before it. A Reserve Study aids in the planning of the money that needs to be set aside each year as the common elements age. You certainly can do it yourself, which makes perfect sense for a community of your size. One of my favorite DIY Reserve Study tool coms from my friends at Association Reserves. Visit their website at https://www.reservestudy.com/services/do-it-yourself-reserve-study-kit/to get started. All the best!