There are two sides of the coin when it comes to managing your community. OpEx and CapEx. Your community association budget needs to pay equal attention to each side.
A reserve study is the first step in capital planning for community associations. But a reserve study cannot stand alone. Without a strategic capital plan, capital improvement projects are prone to failure.
To solve aging infrastructure problems, you need more than just a contribution number. You need a strategic plan that comes from a Living Reserve Study.
Is your board of directors doing the same things over and over and expecting different results?
Long-term planning benefits the community because it is turnover-proof. When new board members are elected, there is already a plan in place for them to follow.
Without a strategic long-term plan that incorporates inventory control, financial planning and project management, your community is just kicking the can down the road.
Is your reserve study doing the job you need it to do? Maybe you are looking to the wrong tool for answers...