Know what you own

You cannot fund what you haven't identified. Your reserve study will give you a professional inventory, but you should understand it deeply.

Capital assets include the obvious: roof, HVAC systems, elevators, plumbing. They also include the easily forgotten: parking lot sealant, pool equipment, hallway carpeting, exterior paint, fire suppression systems.

The rule is simple: if it will eventually need repair or replacement and it's a shared responsibility, it belongs on your list.

For each asset, you should know:

• Age. When was it installed or last replaced?
• Condition. What's its current state? Your reserve study will assess this.
• Expected lifespan. How many years until it needs major work?
• Replacement cost. What will it cost at today's prices?

This inventory is the foundation everything else builds on. Review it annually when you update your reserve study. Assets age, conditions change, and new components get added. Your understanding should stay current.