-- Reserve Study Requirements
Who needs a Reserve Study.
As of January 8, 2024, all New Jersey community associations are required to conduct a capital reserve study, except those with common area capital assets valued under $25,000.
How often do you need to update a Reserve Study.
Reserve studies must be updated at least every five years. Associations without a reserve study conducted since January 8, 2019, must complete one by January 8, 2025.
Additional Information
The reserve study must be prepared by a credentialed reserve specialist or a licensed engineer or architect, following standards set by recognized national organizations. It should include a 30-year funding plan to ensure adequate reserves for anticipated repairs and replacements without relying on special assessments or loans.
Serving the Northeast
Serving the Great Lakes
Serving the Mountain
Serving the Southeast
Serving the Pacific West
Concord
- 21 Foundry St
2nd Floor
Concord NH 03302 - Phone: 888.315.2843
Fax: 888.316.4587
Email: mail@reservestudygroup.com
We focus on the detail and the big picture.
Our reserve study approach is simple. We provide you with the insight needed to make fast, accurate and informed decisions. We focus on understanding your situation and providing funding solutions that are designed with your goals in mind.
-- Reserve Study Requirements
Legislation
As of January 8, 2024, New Jersey law requires all community associations—including condominium and homeowners associations—with capital assets over $25,000 to conduct a capital reserve study. This study must be prepared by a credentialed reserve specialist, licensed engineer, or architect, and must follow standards set by nationally recognized organizations. Associations that have not completed a reserve study since January 8, 2019, must conduct one by January 8, 2025. After that, the study must be updated at least every five years. The reserve study must include a 30-year funding plan to ensure that future repairs and replacements can be funded without relying on loans or special assessments. This legislation marks a significant step toward standardized financial planning for long-term community upkeep in New Jersey.
Sample Reserve Study Report
Our reports are designed to create an accurate and clear illustration of the Association’s financial and physical standing. We simplify the complex issue of reserve planning by giving you the entire picture in one easy to understand report.
-- Reserve Study
Our team of reserve study professionals work with associations throughout New England.
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
Frequently asked questions
Is a reserve study required in New Jersey?
Yes, as of January 8, 2024, New Jersey requires all community associations with capital assets over $25,000 to conduct a capital reserve study every 5 years.
How much do reserve studies cost?
Reserve studies in New Jersey typically range from $3,000 to $10,000, depending on the size and complexity of the property.
How long does it take to do a reserve study?
A reserve study generally takes 2 to 6 weeks from site inspection to final report.
How often should a condo association do a reserve study?
New Jersey law requires reserve studies to be updated at least every 5 years.
What is the law S2760 in New Jersey?
S2760 is a New Jersey law enacted in January 2024 that requires community associations (including HOAs and condo associations) with capital assets exceeding $25,000 to conduct a capital reserve study.
If you have any questions, our team of reserve study professionals will contact you immediately.
