Hiring experts to conduct a New Jersey reserve study may be a costly endeavor, but the information that you will get from this study is crucial to the success of your community. A homeowners association can also prevent an inexperienced board from making costlier mistakes. Because this is a community investment, it is important to ensure that you are choosing the best reserve study company.
There are various things you need to consider when choosing a New Jersey reserve study company. One of them is your homeowners association’s financials. It is important to be prepared before you meet up with the reserve study companies. The board needs to have a thorough understanding of the HOA financials and other related matters.
Before you meet with the experts, you must know your HOA expenses, community assets, funding goals as well as any patterns of last minute repairs. This will inform the reserve fund firm about the kind of capital you require in your homeowners association fund in case of an emergency.
You also need to consider experience and qualifications when choosing New Jersey reserve study experts. Because boards may not have the expertise needed to conduct physical as well as funding analyses, you need to look for a HOA reserve study firm with experienced and qualified professionals.
You should take time to research in order to learn as much as you can about the companies that you are considering. It may also be wise to stick to companies that are accredited by the Community Associations Institute or the Association of Professional Reserve Analysts. Not only does this guarantee a high level of experience, but it also shows that the firm complies with standard procedures as well as a code of ethics.