What Components Are Included in a Reserve Study in Rhode Island?

For homeowners associations (HOAs), condo boards, and common interest communities in Rhode Island, planning for the future is essential. One of the most important tools to guide that planning is a reserve study. A reserve study provides a financial and physical roadmap for maintaining your community’s assets. Effective Reserve Studies are key in avoiding unexpected costs.

What exactly does a reserve study include? At Hennessy Reserve Partners, we walk our clients through the critical reserve study components that protect both property values and community stability. Let’s look at the top elements typically included and how they’ve helped Rhode Island communities we’ve worked with.

What Is a Reserve Study? Read our Simple Guide for Reserve Studies in Rhode Island

1. Roof Systems

The roof is one of the largest and most expensive assets a community will replace. A reserve study includes inspections, remaining useful life estimates, and projected replacement costs.

One Warwick condo association had been patching leaks for years. Their reserve study revealed that a full roof replacement would actually save money long term. With Hennessy Reserve Partners guidance to set proper funding aside, the board avoided emergency assessments during a harsh New England winter.

2. Building Exteriors

This includes siding, paint, stucco, and masonry. Exterior finishes are vital for curb appeal and structural protection.

Coastal buildings including those in Newport, South County, and Bristol County often need exterior painting more frequently due to salt air exposure. Reserve studies should be adjusted for the repaint cycle, and prevent surprise expenses while building homeowner trust.

3. Parking Lots & Paving

Sealing, resurfacing and full replacement for asphalt and concrete maintenance carries significant costs. A reserve study outlines these cycles, along with drainage considerations.

4. HVAC Systems

Heating, ventilation, and cooling units impact both property comfort and energy efficiency. Reserve study components outline repair and replacement schedules so funds are ready when systems fail.

5. Elevators & Mechanical Equipment

Elevators are among the highest cost systems for multi-story buildings. Reserve studies forecast modernization needs, safety upgrades, and eventual replacement.

A mid-rise commercial property in Providence discovered through their reserve study that their elevator would need modernization in under a decade. By building reserves over time, they will be able to avoid scrambling for loans when it’s time to replace.

6. Plumbing Infrastructure

Boilers, pumps, and shared water lines all age, and their failure can be costly. Reserve studies estimate lifespans and plan for future capital replacements.

7. Electrical & Safety Systems

From common-area lighting to fire alarms and panels, electrical systems are key safety and convenience features. Shared electrical panels, outdoor lighting, and safety systems (like fire alarms) are included to ensure proper maintenance and upgrades over time. A reserve study by Hennessy Reserve Partners includes upgrade and replacement schedules.

8. Community Amenities

Pools, clubhouses, and gyms are big draws for residents but require ongoing investment. Reserve studies project costs for resurfacing pools, replacing pumps, and refreshing fitness equipment.

An HOA in South County used their reserve study to schedule pool resurfacing and pump replacements. Instead of a financial scramble, they had funds ready, keeping their most popular amenity open and safe.

9. Site Features & Landscaping

Fences, irrigation, retaining walls, signage, and entry monuments often get overlooked. A good reserve study includes them, preventing surprise costs for these high visibility assets.

10. Contingency Planning

Not every expense can be predicted, which is why reserve studies often include a contingency allowance. This builds financial security and confidence for board decision making.

Your questions answered: Frequently Asked Questions About Reserve Studies

Why Reserve Study Components Matter

Every community asset has a life cycle. Ignoring these cycles often leads to emergency assessments, strained homeowner relationships, and even declining property values. By accounting for all reserve study components, boards can transition from reactive problem solvers to proactive community leaders.

At Hennessy Reserve Partners, our Reserve Leadership Package takes reserve studies further. Beyond the data heavy reports most firms provide, we add invasive building assessments and board focused action plans. The result: Rhode Island boards get clear, practical steps so they can lead with confidence.

Final Thoughts

Understanding the components of a reserve study ensures your community is financially prepared for the future. Roofs, amenities, utilities, and even landscaping all play a role in your long term capital plan.

If your reserve study is outdated or if your board is ready for proactive leadership, connect with Hennessy Reserve Partners. By choosing us for your reserve studies in Rhode Island, we’ll help your community stay financially sound, structurally secure, and ready for what’s ahead.