What is a reserve study and how often do we need one?

A professional analysis of your major components — roofs, paving, painting, mechanicals — their remaining useful life, and what replacing them will cost. It is the basis for how much your association should be putting away each year.

Requirements vary by state. Some mandate a study on a fixed cycle, some require only that reserves be disclosed, and Florida requires a structural integrity reserve study for condominium and cooperative buildings of three or more habitable stories.

Ask whether coordination of the study is included in a management proposal or billed separately. It is a common a-la-carte line.