Reserve Study Checklist: What to Ask Your Engineer
Commissioning a reserve study is one of the better financial decisions a condo board can make. But the quality of the study depends on who you hire and how prepared you are going in.
A thorough study gives you real numbers to plan with. A careless one gives you false confidence and a funding plan built on bad assumptions. The difference usually comes down to asking the right questions before you sign anything.
Here's what to cover.
Questions to ask your provider
Before you hire a firm, get answers on these.
What credentials do you hold? Look for the RS (Reserve Specialist) designation from CAI or the PRA (Professional Reserve Analyst) from APRA. The RS requires at least three years of experience, 30 or more completed studies, a relevant degree, and compliance with the National Reserve Study Standards. In Florida, a SIRS has to be performed by a licensed engineer or architect.
How many studies have you done for properties like ours? A firm that mostly works on small garden-style communities may not have the expertise for a 200-unit high-rise with parking structures and central mechanical systems. Ask for references from similar properties.
Who will actually inspect our property? Some firms send one person to inspect and a different one to write the report. Some subcontract the engineering. You want to know who's walking your building and what their qualifications are.
Which funding methodology do you use? The two standard approaches are the component (straight-line) method and the cash flow (pooling) method. Both are approved by CAI and APRA. Cash flow is more flexible and often produces lower, more stable contribution recommendations. Know which one you're getting.
What does the deliverable look like? Ask to see a sample report. A quality study should include a component inventory with useful life and cost estimates, a percent funded calculation, a 20- to 30-year funding projection, and clear contribution recommendations. CAI standards require a 19-point content checklist and an 8-point disclosure.
What happens after delivery? Will the firm answer questions about the report? Are they available for board presentations? Good firms stand behind their work.
What's your repeat customer rate? Associations update studies every 3 to 5 years. A firm with a high repeat rate is doing something right. One that loses most clients after a single engagement is worth questioning.
What's the timeline and cost? Get a clear scope, timeline, and fixed fee before signing. For typical Florida ranges, see our breakdown of reserve study costs.
Documents to prepare
The more organized you are before the analyst arrives, the more accurate the study. Gather these ahead of time.
Your CC&Rs and bylaws define what the association is responsible for maintaining and determine which components belong in the study.
The analyst needs your current budget and financial statements, including your reserve balance, annual contribution levels, and operating budget.
Pull reserve account bank statements showing what's actually in the fund.
Previous reserve studies, even outdated ones, save the analyst time by providing a baseline.
Maintenance records and repair history help calibrate remaining useful life estimates. When work was done, what it cost, what was replaced.
If the board has already contracted or scheduled projects, the analyst needs those details so the funding plan reflects work that's already in motion.
Insurance documentation covering building components can affect how the analyst models replacement costs.
Having these ready before the site visit means less back-and-forth and a faster turnaround.
Florida-specific considerations
If your building qualifies for a SIRS (three or more habitable stories), a few extra items matter.
The SIRS must be conducted by a licensed Florida engineer or architect. A Reserve Specialist without that license can't perform one. Confirm the firm's credentials match the study type.
HB 913 requires any engineer, architect, or contractor bidding on a SIRS to disclose in writing whether they also plan to bid on repair work the study identifies. This doesn't prevent the same firm from doing both; it means your board knows about the relationship upfront.
If your building also needs a milestone inspection under FS 553.899, ask whether the firm can coordinate both. Combining site visits can reduce total cost.
And remember that a SIRS covers only eight structural categories. You still need a traditional reserve study for everything else. Ask whether the firm handles both or if you need a separate provider.
Red flags
No credentials or designations. The RS and PRA exist for a reason. A firm without either is a risk.
No sample report. If they won't show their work product before you hire them, that's a problem.
Unusually low pricing. A quote that comes in at half the competition is likely cutting corners on the inspection, the component list, or both.
No site visit included. Unless you're commissioning a Level III desk update, the study needs an on-site inspection. A "reserve study" based on documents and satellite imagery isn't one.
Heavy pressure to hire them for repairs too. There's nothing wrong with a firm that does both, as long as the conflict is disclosed. But if the pitch is more about repair contracts than the study, the incentives may not line up.
FAQ
Do I need an engineer or a reserve specialist? For a traditional reserve study, either works. For a Florida SIRS, you need a licensed engineer or architect. Many firms have both on staff, so a single provider can handle everything.
How long does a reserve study take? Usually 4 to 8 weeks from site visit to final delivery. The site visit itself is typically a day for most properties. Timeline depends on property size and the firm's workload.
Should the board be present for the site visit? Not required, but helpful. A board member or property manager can point out recent work, known issues, and areas the analyst might not access on their own.
This post is for informational purposes only and is not legal advice. For questions about your association's specific reserve obligations, consult a Florida attorney who specializes in community association law.
Related articles
- How to Read and Use a Reserve Study
- What Is a Reserve Study?
- How Much Does a Reserve Study Cost in Florida?
- How Often Should Your Condo Get a Reserve Study?
- What Happens When a Condo Has No Reserve Study?
- Fully Funded Reserves: What It Means and Why It Matters
- How Florida's New Condo Laws Affect Your Reserve Requirements
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