Top Questions to Ask Your Reserve Study Provider
- Kristen Hrabcsak
- 7 days ago
- 3 min read
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.
1. What Experience Do You Have With Reserve Studies in Rhode Island?
Not all reserve study firms understand local requirements and regional cost factors.
When asking questions to your reserve study provider, confirm they:
Regularly complete reserve studies in Rhode Island
Understand Rhode Island condo association regulations
Are familiar with local construction costs, climate conditions, and aging infrastructure
Local experience is critical when interpreting what Rhode Island law says about reserve studies and applying it correctly.
2. What Reserve Studies Components Are Included?
One of the most common reserve study mistakes is assuming every report includes the same level of detail.
Ask your reserve study provider to outline their reserve studies components, including:
Inventory of common elements
Remaining useful life estimates
Replacement cost projections
Funding recommendations tied to long-term planning
3. Do You Perform Both Physical and Financial Analysis?
A strong reserve study balances on-site evaluation with long-term financial modeling.
Key questions to ask your reserve study provider include:
How they handle physical vs. financial analysis in reserve studies
Whether site inspections are included
How funding scenarios are modeled over time
Skipping either analysis can lead to inaccurate funding plans and underestimation of future costs.
4. How Do You Explain the Difference Between Reserve and Operating Budgets?
Many boards struggle with budgeting clarity.
A knowledgeable provider should clearly explain:
Which expenses belong in each
How reserve funds support long-term capital replacements
This understanding is essential for boards and condo association property management teams alike.
5. How Will This Study Help Us Avoid Special Assessments?
One of the main goals of reserve planning is financial stability.
Ask how the reserve study:
Identifies upcoming major repairs early
Spreads costs over time
Demonstrates how reserve studies help avoid special assessments
Proactive planning reduces owner dissatisfaction and financial stress.
6. Do Small Associations Need a Reserve Study?
This is one of the most overlooked questions to ask your reserve study provider.
Even smaller communities should ask:
How the study scope can be scaled
What risks exist without long-term capital planning
Size doesn’t eliminate responsibility, it often increases vulnerability.
7. How Often Should We Update Our Reserve Study?
Reserve studies must evolve with the property.
Ask your provider:
How inflation, deferred maintenance, and completed projects affect funding
What update frequency they recommend
Outdated studies are one of the most common reserve study mistakes.
8. How Does the Reserve Study Protect Property Values?
Reserve planning directly impacts market perception.
A strong provider should explain how:
Buyers, lenders, and insurers view reserve funding
Proper planning improves resale confidence
Financially healthy associations are more attractive and resilient.
9. Will You Review the Results With the Board and Management?
A reserve study is both technical and usable. A clear reserve study is an action plan.
Ask whether your provider:
Walks the board through the final report
Answers questions in plain language
Supports collaboration with property management in RI
Education and clarity are just as important as numbers.
10. Why Are You the Right Partner for Our Association?
The final and most important question to ask your reserve study provider is why they’re the right fit.
Look for answers that reflect:
Transparency and communication
Long-term planning focus
A clear process for boards
The right provider becomes a trusted advisor not just a vendor.
Have more questions about reserve studies? Visit our Reserve Studies FAQs for answers to your questions about reserve studies.
Final Takeaway Regarding Questions to Ask Your Reserve Study Provider
Asking the right questions upfront helps associations avoid costly mistakes and ensures their reserve study delivers real value. If your board is concerned about funding levels, compliance, or long-term planning, choosing the right partner matters.
Finding a provider for reserve studies in Rhode Island who understands local requirements, budgeting realities, and long-term capital planning can help ensure your association is financially prepared.
Comments