Updating a reserve study
Once a Tennessee condominium has its first study, the clock runs: an updated study within five years, then at least every five years after. Here is how to choose the kind of update.
Two kinds of update
$1,000 to $6,400Update with a site visit. The existing inventory is walked again and re-priced; firms put it at about half to four fifths of a full study.
$500 to $4,000Update from the desk. No visit: new costs, balances and timing applied to the last study, often under $1,000 for a small community.
Typical ranges, a guide and not a quote. See the fee guide for how they were set.
When a site visit is worth it
- The five-year mark has come round. Many boards use the statutory update to walk the property again.
- A storm, a leak or a big project has changed the condition of major components.
- The last study was done by another firm, or its inventory looks incomplete.
- Lenders or a buyer's attorney are asking detailed questions about condition.
When a desk update will do
Between site visits, a desk update keeps the numbers honest: current construction prices, the actual reserve balance, work done since the last report. Some boards order one every year or two before setting the budget, which also helps with the law's annual review of reserve funding for adequacy.
Keeping the five-year date straight
The five years run from the date the previous study was conducted. Note it in the minutes and in the management calendar when the report arrives, and share each new study with owners by email or on the community website, as the law requires.
Get a quote for your association
It takes about a minute: where the community is, who we should speak to, and some optional detail about the buildings.
Tennessee Reserve Studies makes introductions; it does not carry out studies. You get the name of one firm active in your part of the state first, and your details travel only with your agreement.
Received, thank you.
- Within one working day we get back to you, by phone or email, naming a single reserve study firm active near the community.
- Happy with our choice? Tell us, and the request goes over. Not happy? Then nobody else ever sees it.
- The firm contacts you to scope the study and give you its fee. We never add you to a mailing list.