Reserve Studies

Understanding the Lifecycle of Common Condo Assets is a large part of the responsibilities a condo board and property management team face. Roofs, siding, mechanical systems, pavement, and shared amenities all age, deteriorate, and eventually require repair or full replacement. Without proactive planning, these inevitable costs can lead to deferred maintenance, special assessments, and declining property values.

Every HOA and condo association is responsible for maintaining shared assets including roofs, roads, mechanical systems, amenities, and more. These components age, deteriorate, and eventually require major repair or full replacement. Understanding the lifecycle of common HOA assets is essential to smart budgeting, avoiding special assessments, and protecting long-term property values.

The start of a new year brings fresh budgets, new board priorities, and an opportunity to set your association up for long term financial stability. For condo associations and HOAs, Q1 is the ideal time to focus on reserve studies in Rhode Island, before small issues turn into major financial stress later in the year.

For condo associations and HOAs, annual budgets directly affect homeowners’ trust, property values, and long term financial stability. One of the most important tools influencing those numbers is a reserve study. At Hennessy Reserve Partners, we often work with boards who ask: Why did dues increase? Are we underfunded? Could we have avoided that special assessment? In almost every case, the answers tie back to how reserve studies are used (or ignored) in the budgeting proc

Serving on a condo or HOA board comes with big decisions and few documents are more important than your reserve study. Yet many board members skim it once, file it away, and only revisit it when a major expense or special assessment looms. This Board Member Edition  is designed to change that. In this guide, we’ll walk through how to read a reserve study like a pro , explain key sections in plain language, and show how reserve studies protect property values, stabilize budget

Choosing the right reserve study provider is an important decision for an HOA, condo association, or common interest community. The right partner creates a reserve study that helps protect property values, guides long-term planning, and reduces the likelihood of special assessments. If your board is reviewing or planning reserve studies in Rhode Island, these are the most important questions to ask your reserve study provider before moving forward.

As the year winds down, HOA boards are busy closing financials, planning budgets, and preparing for the upcoming year. One of the most important tasks during this period is completing a thorough End-of-Year Reserve Fund Checklist for HOAs. This ensures your community remains financially strong, legally compliant, and fully prepared for the ongoing upkeep of its major components.

Inflation has quietly become one of the biggest threats to long-term community stability yet many HOA and condo boards still underestimate how rapidly material, labor, and construction costs rise. The Role of Inflation and Cost Escalation in Reserve Planning is now more important than ever for Rhode Island communities, especially as associations navigate aging buildings, fluctuating vendor pricing, and capital projects that no longer match historical budgets.

A Reserve Study is one of the most important financial planning documents an HOA, condo association, or community board will ever receive. Although, most board members have never actually seen a full example or understood what each section really means.

Is Your HOA or Condo Association Underfunded? Learn how percent funded works, why it matters, and how reserve studies protect long-term property values. Hennessy Reserve Partners explains key risks, common mistakes, and how Rhode Island associations can get back on track.

Maintaining property value is a constant responsibility for condominium and homeowner associations. Every element of your community’s infrastructure naturally wears down over time. Reserve studies in Rhode Island are designed to anticipate these future costs and ensure that communities have a plan and the funds ready to preserve both aesthetics and value.

A Reserve Study is a snapshot of your property’s current condition and a roadmap that helps boards make smart, data-driven decisions about repairs, replacements, and long-term spending. When used correctly, it becomes the foundation for a comprehensive 30-year capital plan that keeps your community financially healthy and prepared for the future.

Selecting the right firm for Reserve Studies in Rhode Island is one of the most important decisions your HOA or condo association will make. A well prepared reserve study sets the foundation for your community’s long-term financial health and ensures that capital projects are anticipated, funds are properly allocated, and surprises are minimized. But not all firms offer the same level of expertise, especially when it comes to local laws, weather conditions, and community dyna

What Rhode Island Law Says About Reserve Studies: Understanding Rhode Island’s Legal Framework Under the Rhode Island Condominium Act (R.I. Gen. Laws §34-36.1), associations must establish adequate reserves for future capital expenditures and major repairs. Even though the law doesn’t explicitly mandate the completion of a “reserve study,” it does require boards to ensure reserves are “sufficient” to meet anticipated needs. A reserve study is the only credible way to prove t

If you avoid these common reserve study mistakes, you can save your association from financial strain and homeowner conflict. Whether you’re establishing your first study, need to Update Your Reserve Study in Rhode Island, or want clarity on the Difference Between Reserve and Operating Budgets, our team provides clear, actionable insights.

Many small HOAs and condo associations wonder if the process of Reserve Studies in Rhode Island is truly necessary. After all, with fewer units and a smaller budget, it can feel like a luxury rather than a necessity. But the truth is, even the smallest associations benefit tremendously from a professionally prepared reserve study. At Hennessy Reserve Partners, we’ve seen firsthand how small boards that take the time to plan properly end up saving money, avoiding special asse

Working with condominiums and homeowner associations, few topics stir up more frustration among board members and homeowners than special assessments. These unexpected charges, often running into thousands of dollars per unit, can strain budgets, create tension within communities, and even lower property values. The good news? With a well-prepared reserve study, your association can plan ahead, keep finances healthy, and drastically reduce the need for sudden special assessme

Reserve studies for community associations and condo boards aren’t just numbers on a spreadsheet. A strong reserve study is equally rooted in the physical and financial realities of your property. At Hennessy Reserve Partners, we emphasize that understanding the physical vs. financial analysis in reserve studies is the key to long-term stability and peace of mind for your community.

One of your most important responsibilities is ensuring your community is financially prepared for the future. That’s where having reserve studies in Rhode Island comes in. There’s no question that having a reserve study is important but it’s also important to know how often you should update your reserve study in Rhode Island.

One of the most important financial responsibilities for HOA, condo boards and other associations is understanding the difference between reserve and operating budgets. Both are essential to keeping your community running smoothly yet each serves a very different purpose. Mismanagement of one or confusing the two can lead to financial strain, deferred maintenance, and even special assessments that frustrate homeowners.