Why Your Rhode Island Condo Association Needs a Reserve Study

Long term planning for a condo association is just as important as day-to-day operations. One of the most critical tools for financial stability and property preservation is a reserve study. At Hennessy Reserve Partners, we’ve seen how Rhode Island Condo Association Reserve Studies protect homeowners, prevent financial crises, and build trust between boards and residents.

What Are Rhode Island Condo Association Reserve Studies?

A reserve study is a financial and physical evaluation of your community’s common elements. Reserve study components in Rhode Island include roofs, siding, elevators, parking lots, HVAC systems, and more. They calculate remaining useful life and estimate replacement costs.

For condo boards in Rhode Island, a reserve study is about forecasting repairs and making sure your community is financially prepared for the unexpected.

Why Reserve Studies Are So Important for Rhode Island Communities

Rhode Island’s coastal environment, winter weather, and older building stock create unique challenges for condo associations. If there isn’t proper planning in place, boards may find themselves in difficult situations:

• Unexpected special assessments: A sudden $8,000–$15,000 bill for each unit owner can spark conflict and mistrust.

• Declining property values: Buyers and lenders are wary of underfunded associations.

• Deteriorating assets: Neglected infrastructure costs more to repair later.

• Regulatory and lender requirements: More financing institutions require evidence of reserve funding before approving loans.

Investing in a professional reserve study from Hennessy Reserve Partners can help condo associations avoid surprises, create transparency, and strengthen long-term financial health.

Client Stories: Real-World Impact

Narragansett Seaside Community

A Narragansett association thought their reserves were solid until an accelerated seawall erosion was identified. By adjusting contributions early, they avoided a six-figure special assessment that would have blindsided homeowners.

Providence High Rise

In Providence, a high-rise community struggled with recurring elevator breakdowns. Their board assumed replacement was 10 years away, but a reserve study showed a five-year timeline. By acting early, they could spread out costs and save each homeowner thousands in surprise expenses.

Warwick Condo Association

In Warwick, mistrust among homeowners was growing. People weren’t sure where their monthly fees were going. After completing a reserve study, the board presented a clear, data-backed capital plan. Transparency improves condo owner relations dramatically and helps build community confidence.

The Hennessy Reserve Partners Advantage

Most reserve study firms deliver technical reports that boards struggle to interpret. Hennessy Reserve Partners goes further with our Reserve Leadership Package:

• Board-friendly reporting: Easy-to-read, decision focused reports.

• Actionable capital planning: Step-by-step strategies for funding and phasing projects.

• Invasive building assessments: Uncovering hidden risks before they become emergencies.

• Ongoing partnership: Continued support beyond the initial report.

We provide data and actionable reports to equip boards with the tools to lead confidently.

Partnering with Rhode Island Property Management Companies

Condo boards don’t manage their communities alone. Most rely on a property management company in Rhode Island to handle day-to-day operations from collecting dues to coordinating maintenance. At Hennessy Reserve Partners, we work hand-in-hand with these managers to make sure the financial and physical health of the community is protected through a professional reserve study.

Here’s how we support property management teams across Rhode Island:

• Seamless Communication: We collaborate directly with managers to gather financial data, maintenance records, and vendor insights. This reduces the workload on the board and ensures accuracy.

• Board Education: Property managers often have to explain complex financial issues to homeowners. Our board-friendly reports and presentations make it easier for managers to communicate the “why” behind reserve funding.

• Capital Planning Integration: Managers already plan routine maintenance and vendor scheduling. By aligning those plans with our reserve study findings, we help them prioritize projects, forecast expenses, and maintain smooth operations.

• Reduced Conflict: Special assessments and sudden repair costs often fall on managers to deliver. By working together, we give them the data they need to guide boards toward proactive planning—avoiding homeowner frustration.

As a local property manager in Rhode Island and largest condo property management company in RI, The Hennessy Group knows how a well prepared reserve study makes property management easier. Instead of fielding complaints from frustrated homeowners, both the association and property managers can point to a clear, transparent funding plan. The result? Less tension, more trust, and a smoother working relationship between the board and residents.

At the end of the day, property management companies are an essential link between condo boards and homeowners. By collaborating with them, Hennessy Reserve Partners ensures that condo association reserve studies reserve studies are more than reports. They’re blueprints with actionable tools that managers can use to strengthen communities.

Don’t Wait Until a Crisis Hits

If your association hasn’t commissioned a reserve study in the past three years, your board may be flying blind. Rhode Island Condo Association Reserve Studies are your best safeguard against financial shocks, declining property values, and homeowner mistrust.

At Hennessy Reserve Partners, we specialize in reserve studies in Rhode Island built for unique challenges and for boards that want clarity, confidence, and community trust.

Have more questions? Click here to read Reserve Studies FAQs.

Ready to protect your community’s future? Contact Hennessy Reserve Partners today to schedule your reserve study.