-- Reserve Study Requirements
Who needs a Reserve Study.
Not required by law, but suggested to avoid unexpected financial burdens.
How often do you need to update a Reserve Study.
It is recommended every 3-5 years based on industry standards, but not defined by law.
Additional Information
Industry guidelines recommend setting aside 10–20% of the annual budget based on reserve study projections.
Serving the Northeast
Serving the Great Lakes
Serving the Mountain
Serving the Southeast
Serving the Pacific West
Madison
- 2810 Crossroads Dr
Suite 4000
Madison, WI 53718 - 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
Currently Wisconsin requires condominiums to create a statutory reserve account to fund for anticipated repair and replacement of capital components. Associations can however vote and opt out of the requirement. Additionally, Associations are also required to provide a ‘statutory reserve account statement’ that indicates whether they have a statutory reserve account, and if not, how future repair and replacement of common elements will be funded.
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 Wisconsin, Illinois & Ohio.
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
- Baltimore
Frequently asked questions
Is a reserve study required in Wisconsin?
Wisconsin does not require reserve studies, but does require condominiums to maintain a statutory reserve account unless owners vote to opt out.
How much do reserve studies cost?
Reserve studies in Wisconsin generally cost between $2,000 and $8,000, depending on the size and number of common elements.
How long does it take to do a reserve study?
A reserve study typically takes 2 to 6 weeks from site inspection to final report.
How often should a condo association do a reserve study?
While not required, best practices suggest conducting a reserve study every 3 to 5 years.
What does an HOA reserve study look like?
A reserve study includes a component inventory, condition assessment, cost estimates, and a 30-year funding plan to maintain and replace major common elements.
If you have any questions, our team of reserve study professionals will contact you immediately.
