CONDOMINIUM RESERVE STUDIES FOR VANCOUVERWhat Is A Reserve Study?
In 2008, the Washington State Legislature passed a new law requiring all condominium and homeowner associations to obtain a thirty year reserve study. A reserve study includes a list of property components, their estimated useful life, costs associated with repair and/or replacement, and ultimately a funding plan. A reserve study is an essential tool for future maintenance and repair planning, as well as for improving the value of your property.
How Can We Help?
J2 Building Consultants takes the responsibility of assisting associations and property owners very seriously. Our approach is to help create an adequately funded reserve account that will meet the funding demands for property maintenance. Taking our clients’ best interest into consideration, our goal is to help plan for future expense while stabilizing monthly reserve contributions. In addition to lower monthly contributions, an association with a properly funded reserve will be less likely to have future special assessments.
Each property is different and in turn, each reserve study is designed to meet the goals of that individual association. A strong relationship with our clients helps us develop a reserve study that is helpful and specific, while meeting the new reserve study requirements set forth in RCW 64.34.380.
As building consultants, our goal is to provide an effective planning tool that is used by the association on a regular basis, for the years to come. As the owner’s advisor, we are committed to working with you throughout the life of the plan to ensure we are providing the most effective up-to-date funding plan. Our reserve study process includes a thorough inspection of all the common building components, and provides a professional analysis of existing conditions. We are always happy to meet with you to review the completed funding plan.
Condominium Approval Process for Single Family Housing
The Federal Housing Administration (FHA) is implementing a new process for condominium projects to receive approval for HUD/FHA funded mortgages on individual units. These new requirements are outlined in Mortgage Letter 2009-46B, dated November 6, 2009, and effective December 7, 2009.
Spot loans are no longer available for single condominium units. Condominium associations must be approved to receive FHA funded mortgages; a condominium association must be insured by HUD as a whole.
Among other requirements, a reserve study has been performed in the past twelve months and Reserve Funds must be at least 10% of the budget.
Approvals will be valid for two years; once expired, recertification is required to continue participation in the program. Projects will be reviewed to ensure that all requirements are still being met.
|
