-- Reserve Study Requirements
Who needs a Reserve Study.
Under Virginia Code § 55.1-1826, HOAs and POAs are required to conduct reserve studies.
How often do you need to update a Reserve Study.
Virginia mandates that reserve studies be conducted every five years.
Additional Information
While specific funding levels are not legislated, the reserve fund must align with the study’s recommendations to avoid financial shortfalls.
Serving the Northeast
Serving the Great Lakes
Serving the Mountain
Serving the Southeast
Serving the Pacific West
Fredericksburg
- 1321 Central Park Blvd
Suite 201
Fredericksburg VA 22402 - 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
The Virginia Condominium Act and the Virginia Property Owners Association Act require associations to undertake a reserve study at least once every five (5) years. A review of the reserve study should also conducted at least once annually and adjustments made as needed to maintain reserves.
Associations need to include in their budget, without limitation, the current amount of cash set aside for reserves (repair, replace or restore capital components) and the amount they expect to contribute to the reserve fund for the coming fiscal year. Association budgets also need to include a statement outlining how reserves are being funded and the extent to which it is funding its reserve obligations consistent with their reserve study.
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 Virginia, North & South Carolina.
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
Frequently asked questions
Is a reserve study required in Virginia?
Yes, Virginia law requires condo and HOA associations to conduct a reserve study at least once every 5 years.
How much do reserve studies cost?
Reserve studies in Virginia typically cost between $2,500 and $10,000, depending on the community’s size and complexity.
How long does it take to do a reserve study?
Most reserve studies take 2 to 6 weeks from initial site visit to final report.
How often should a condo association do a reserve study?
Virginia requires reserve studies every 5 years, with annual reviews to assess if adjustments are needed.
What is the standard reserve requirement in Virginia?
Virginia does not set a fixed funding percentage, but associations must disclose their current reserves and how they align with the study’s recommendations.
If you have any questions, our team of reserve study professionals will contact you immediately.
