HOA & Condo Reserve Studies in Colorado
HOA & Condo Reserve Studies
Every roof, parking lot, boiler, and deck in your community will need major repair or replacement eventually. A reserve study tells your board what’s coming, when, and what it will cost. It then lays out a funding plan so the money is there when the work is due, instead of a special assessment.
Borne Consulting has completed thousands of reserve studies for homeowner associations, condominium associations, and metro districts across Colorado. We serve Vail, Beaver Creek, Bachelor Gulch, Edwards, Crested Butte, Durango, Telluride, Keystone, Breckenridge, Summit County, the Denver metro area, and the Front Range. Our studies follow the Community Associations Institute (CAI) National Reserve Study Standards. We also walk your board through the results so every member understands the numbers and the reasoning behind them.
What Your Reserve Study Includes
A professional reserve study has two parts.
The physical analysis. We inspect your community’s common elements on site and build a complete component inventory. Each component gets a condition assessment, an estimate of its remaining useful life, and a current replacement cost. Typical components include:
- Roofing, siding, windows, and decks
- Asphalt paving, concrete, and drainage systems
- Boilers, mechanical systems, and elevators
- Pools, hot tubs, and clubhouses
- Fencing, retaining walls, and landscaping features
The financial analysis. We review your current reserve balance and project expenses over a 30-year horizon. From that we calculate your percent funded and recommend an annual contribution that keeps the reserve fund healthy without overcharging owners.
Types of Reserve Studies We Provide
- Full reserve study: A complete component inventory, on-site inspection, and funding plan. This is recommended for new associations, communities that have never had a professional study, and associations with major changes to their property.
- Update with site visit: We revisit the property, confirm component conditions, and update costs and the funding plan. Most communities need this every 3 to 5 years.
- Update without site visit: A financial update based on your current balance, completed projects, and revised cost data. Useful in the years between site visits.
Why Local Experience Matters in Colorado
Colorado’s mountain communities wear out buildings differently than most of the country. Heavy snow loads shorten roof life. Freeze-thaw cycles break down asphalt and concrete faster. Short construction seasons and resort-area labor markets drive costs well above national averages.
A reserve study built on generic national cost data can badly underestimate what your community will actually pay. Our cost estimates come from what projects really cost in Colorado. We also manage construction and paving projects in these same communities, so our numbers reflect current local bids.
Who We Work With
- Homeowner associations and townhome communities
- Condominium associations
- Metro districts
- Developers and declarants preparing to turn a community over to its owners
- Property management companies and community managers
Our Process
- Proposal. Fill out our Proposal Information Form and we’ll send a scope and fee.
- Document review. We gather your governing documents, financials, past studies, and maintenance records.
- Site inspection. We walk the property and document every reserve component.
- Draft report. You receive a draft study, and we review it with your board or manager.
- Final report. We incorporate your feedback and deliver a final report your board can use for budgeting.
Frequently Asked Questions
What is a reserve study?
A reserve study is a long-term capital planning tool for a community association. It identifies the major components the association must maintain, estimates when each will need repair or replacement and what that will cost, and recommends a funding plan so the reserve fund can cover those expenses when they come due.
How much does a reserve study cost in Colorado?
Cost depends on the size and complexity of the community, the number of components, and whether a site visit is included. Most of our studies fall between $2,500 and $4,800. Updates cost less than full studies. Submit our Proposal Information Form for an exact fee.
How long does a reserve study take?
Most studies take about 2 to 4 weeks from kickoff to final report. The site inspection usually takes one day. Board review of the draft is often the longest step, so we recommend starting well before your budget season.
How often should our association update its reserve study?
Industry best practice is a full study when the association is established or has never had one. After that, an update with a site visit every 3 to 5 years, with financial updates in between. Communities with older buildings or big upcoming projects may benefit from more frequent updates.
Are reserve studies required in Colorado?
Under the Colorado Common Interest Ownership Act (CCIOA), every association must adopt a written reserve policy. That policy must address when reserve studies will be prepared and how reserves will be funded. Recent legislation has added requirements, including a professional reserve study before a community transitions from developer to owner control. Because the rules are changing, we recommend confirming your association’s specific obligations with your HOA attorney.
What’s the difference between a reserve study and a property condition assessment?
A property condition assessment (PCA) is usually done during a building purchase or sale to identify current conditions and upcoming repairs. A reserve study goes further by forecasting the reserve balance and building a long-term funding plan. Learn more about property condition assessments.
What do you need from us to get started?
Your governing documents, current budget and reserve balance, any previous reserve studies, and records of major repairs or replacements. Contact information for your manager or a board member is also helpful. We’ll send a full checklist with your proposal.
Plan Ahead With Confidence
A good reserve study keeps your board ahead of major expenses and helps owners understand where their dues go. Contact Borne Consulting for a proposal tailored to your community.