Services and Fees
Services: To provide our clients with maximum flexibility, we offer the following levels of service:
Full Reserve Study: This is our most comprehensive offering and should be used by associations which are ordering their first reserve study, or whose previous reserve study is so dated as to require a "blank slate" approach to resurvey the various common element components and their conditions. As part of our scope of work, we evaluate what items should be included in the list of reserve components. We then estimate Useful Life, Remaining Useful Life, and Replacement Costs. From this Physical Analysis we will then perform a Financial Analysis which will account for your current reserve funding situation and recommend an ongoing Reserve Funding Plan.
Update With Site-Visit/On-Site Review: This product is recommended if no major changes have occurred since the last Full Reserve Study. The scope of work includes an on-site inspection to update Useful Life, Remaining Useful Life, Cost Figures, and Financial Assumptions, but component quantities are not re-surveyed.
Update, No Site-Visit/Off-Site Review: This type of study is useful when the association does not feel an on-site inspection would be required. In order to provide a credible reserve study we only provide this type of service for
Existing clients, and
Our previous reserve study with site visit was performed less than five years, and
No major changes have occurred since the last Reserve Study .
Fees: Our fees are determined primarily by:
The number of units
Extent of common elements
Age of the association and whether it was originally phased
Clearly, with larger condominium projects, with extensive common elements and varying vintages, the complexity of the Reserve Study can differ signficantly among associations.
Please keep in mind that the Full Reserve Study is our most comprehensive product, but typically only needs to be performed once per condominium association. Assuming the association updates their Full Reserve Study regularly, the next two tiers of service are typically well-suited for most associations, and our prices are commensurate with the decreased work required for regular updates.
MICHIGAN RESERVE ASSOCIATES