If you are a building owner, property manager, or are involved in a similar field, you may have heard the term “reserve study” before. Or, it’s also possible that you are in one of these roles and have never heard the term at all. In today’s blog at Structural Technologies in Chicago, we are going to touch on what a reserve study is, why it is important, and our methodology at Structural Technologies. If you are interested in learning more about reserve studies and building inspections and having them done for your property, reach out to us at Structural Technologies in Chicago today.
What a Reserve Study Is
In essence, a reserve study consists of two parts: the physical condition of your property and building upon building inspection and the budgeting/financial aspect. Reserve studies are invaluable tools used by homeowner’s associations, property owners, boards of directions, government agents, and more. The property and building inspection portion of the reserve study consists of identifying the structures’ strengths and weaknesses, as well as noting any areas that are in immediate need of attention. Once the building inspection is complete and the property is assessed, the business conducting the reserve study will create a budget and financial plan that acts as a long-term roadmap. This financial plan will clearly lay out the condition of the structure, all the repairs and building renovations that will need to be performed in the future, and how much capital needs to be reserved to fund these necessary projects.
Why Reserve Studies are Important
Reserve studies are invaluable tools that have many practical uses. Most commonly, reserve studies and building inspections are requested when a property is about to change ownership. The buyer or investor wants as much information and insight as possible about future costs, potential concerns, and budget for maximum return on investment. A thorough reserve study is comprehensive and will plainly spell out what the property owner can expect over the years. With this information, buyers and careful property owners can make educated decisions and plan accordingly for the future.
Reserve Studies at Structural Technologies in Chicago
At Structural Technologies in Chicago, we saw a need in the industry. There are businesses that conduct reserve studies that are inaccurate and don’t give those that employ their services nearly as much information as they could. That’s why we decided to create our ProStudy software. ProStudy is our proprietary reserve study software that is hands down the most comprehensive, detailed, and accurate tool in the industry. Armed with this powerful software, our building inspections and reserve studies are the best in the industry. When you need as much information as possible about the condition of your structure to properly plan for the future and make educated decisions, you need our team at Structural Technologies in Chicago and our ProStudy software.
Reach out to us today to learn more about our industry-leading reserve studies. Our team will provide you with the accurate, detailed, and thorough information you need to maximize your profits.