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Reserve Study and Reserve Study Updates

Full Reserve Study - (Level I)

With Critirium-Pfaff Engineers, all Reserve Studies for Washington State residential condominiums and homeowners associations are conducted in accordance with applicable Washington State law by Licensed Engineers with local knowledge and experience.  Whether your need a Spokane reserve study, a Coeur d'Alene reserve study or a reserve study in the surrounding region please contact us.
 
A Full Reserve Study includes a physical analysis, which not only lists each individual component forming the basis of the reserve study, but also includes the quantity, estimated replacement cost and estimated remaining useful life for each component. The competed reserve study then provides you with a basis for determining how much money your Association should be setting aside to repair or replace these items in future years.
 
One of the keys to the Full Reserve Study is the Financial Analysis, which includes a 30 year projection giving the Association a true picture of their financial well being. By looking at the long term cost, it is possible to establish a reserve funding policy which most accurately fits your specific needs. This projection gives the Association the necessary information to develop its yearly contributions based on an average over a number of years, and assists its investment strategy for the funds, because it identifies when they will actually be needed. A Full Reserve Study includes the following Scope of Work: 
  • A review of the Association’s documents to determine which components make up the common and limited common elements (Reserve Study Component Inventory) as well as their quantities
  • A site visit to establish the current condition of all common elements in order to assign an estimated remaining useful life
  • Preparation of a Full Reserve Study, which includes a physical and financial analysis, including a 30 year funding plan
The Full Reserve Study includes a property condition report. Each building or property system is carefully evaluated and reported on in a separate section of our report. This includes, as appropriate, site and grounds, amenities, structural systems, roof and siding, mechanical, electrical, and plumbing systems, common interiors, and life safety, among others. The benefits of a Full Reserve Study include:
  • Peace of mind knowing the actual condition of all building systems
  • A document to manage the physical property
  • Ongoing local support from our licensed Professional Engineers
  • Iterative funding options analysis

Our reserve study scope of work meets the requirements presented by the State of Washington for homeowners as well as condominium associations.   Our reserve studies are prepared by a Reserve Study Professional, as defined by State of Washington, RCW 64.34.380. 

Reserve Study Update with Site Visit-(Level II)

In Washington State, unless there is a hardship, reserve studies must be updated annually. At least every three years, the reserve study must be updated and based upon a visual site inspection conducted by a reserve study professional. 

The performance of building systems is difficult to predict as factors such as weather, use, and installation quality have dramatic effects on their durability. We can update any existing reserve study, whether we performed the original analysis or it was completed by another firm.  If your association has had a Spokane Reserve Study, a Coeur d'Alene Reserve Study, or a Reserve Study in another part of the region, we can provide an update.
 
The difference between a Full Reserve Study and an Update with Site Visit is that in a Full Reserve Study, the schedule of quantities of all reserve study items (i.e., roads, sidewalks) are determined and calculated, while in an Update, it is assumed that quantities and components shown in the existing reserve study schedule are accurate, and therefore only an update of the unit costs and useful lives are required.