Reserve Fund Studies
Our Process
The professional reviews existing documentation, such as building plans, maintenance records, and any previous reserve fund studies. This helps in understanding the history of maintenance and repairs and provides insights into the current condition of the assets.
The professional performs a financial analysis to estimate the future repair and replacement costs of the common elements. This involves projecting costs over a specific period, usually 30 years, taking into account inflation, anticipated maintenance needs, and the expected lifespan of various components.
Based on the physical inspection and financial analysis, the professional prepares a comprehensive reserve fund study report. This report includes a detailed list of the common elements, their condition, estimated repair or replacement costs, and the recommended funding plan to cover these costs over time.
The condominium corporation, with input from the owners, decides on the funding plan to ensure that adequate funds are available for future repairs and replacements. This may involve regular contributions to the reserve fund through owners’ common expense fees.
The reserve fund study should be updated at least every three years, or more frequently if there are significant changes to the property or if major repairs or replacements have occurred. This ensures that the funding plan remains accurate and aligns with the evolving needs of the condominium.
Why Choose Ostan?
Expertise & Experience
Our seasoned professionals bring years of expertise in load-bearing wall removal, ensuring both aesthetic appeal and structural integrity in line with Ontario building codes.
Tailored Solutions
Ostan Eng. specializes in personalized solutions, collaborating closely with you to create custom designs that exceed expectations, whether it’s a more spacious living area, improved natural light, or an enhanced overall home design.
All-Inclusive Services
From the initial consultation to obtaining a building permit, we provide comprehensive services with precision and care. Our streamlined process guarantees a smooth experience, allowing you to enjoy your transformed space without hassle.
services offered
- Class 3 Reserve Fund Study
services not offered
- Class 1 Reserve Fund Study
- Class 2 Reserve Fund Study
Reserve Fund Studies
A reserve fund study is a detailed assessment and planning process conducted by qualified professionals to determine the anticipated major repair and replacement needs of a property’s common elements and assets over a specified period, typically 30 years. This process is particularly important in the context of condominiums and homeowners associations, where common elements are collectively owned, and owners share the responsibility for their maintenance and repair.
Reserve fund studies are a regulatory requirement in many jurisdictions and are designed to promote financial sustainability, transparency, and responsible management of common property in shared ownership communities. They play a crucial role in helping property owners and associations plan for the long-term maintenance and preservation of their assets.
types of reserve fund studies
Class 3 - Reserve Fund Study Update (No Site Visit)
It is recommended that Class 3 Reserve Fund Studies should take place every three years in lieu of the Class 2 (Reserve Fund Study with a site visit). This approach will enable us to revise existing studies without needing to physically inspect the premises. With this method, we can keep our reserve funds up-to-date and engaged!
Class 2 - Reserve Fund Study (with site visit)
Performing reserve fund studies at least every three years is a must to ensure the accuracy of our financial records and the condition of our facilities. Half the time, those evaluations should include a site visit to build on previous studies. Engage in Class 2 Reserve Fund Studies with a site visit to keep up-to-date and remain informed!
Class 1 - Comprehensive Reserve Fund Study
A comprehensive Reserve Fund Study is typically mandated within the first twelve months of registering a condominium. However, in certain instanced—including after undertaking major repairs and replacements or where there have been inconsistencies with an existing Reserve Fund Study—an additional analysis may be necessary. Engagingly put, it is essential to evaluate the current state of a condominium’s financial reserves over time to ensure the long-term sustainability of the building.
Reserve Fund Studies FAQs
Why don't you offer class 1 and 2 RFS?
We have offered these in the past. However, we currently do not offer classes 1 and 2 in our quest to be more efficient.
How much doe Class 3 RFS cost?
The cost for a class 3 RFS varies by complexity of condominium and number of items in the RFS. Please feel free to reach out to us for an estimate.
How long does it take to complete a class 3 RFS?
It takes about an average of 4 weeks from date of a signed agreement to complete a Class 3 RFS.
