Level 1 - Full Reserve Study
A Full Reserve Study is a comprehensive evaluation performed for associations to effectively plan for the long-term maintenance and replacement of shared assets and amenities within their property. This process involves an on-site inspection, creating an inventory of common assets, assessing their current condition and remaining lifespan, estimating replacement costs, conducting a detailed financial analysis, and formulating a strategic plan to ensure adequate funding for future repairs and replacements. The study's outcomes are compiled into a comprehensive report, used to guide ongoing financial planning and asset management. By preventing financial crises and ensuring well-maintained properties, a Full Reserve Study is a vital tool in sustaining the value and quality of these communities. This is a start from scratch Reserve Study. Each study level comes with Midwest Reserves comprehensive report, component information guidebook, and a detailed Excel file.
Level 2 - Update With Site Visit
An Update with Site Visit Reserve Study is a process utilized by associations to refresh and enhance their existing reserve study. Through this method, any new data is obtained, on-site inspections are conducted to evaluate asset conditions, and replacement costs are adjusted based on current market factors. The updated information is then integrated into a revised reserve study report. By ensuring that the study accurately reflects current asset conditions and costs, this approach empowers associations to make well-informed decisions regarding their reserve fund allocation and future maintenance and replacement needs. Each study level comes with Midwest Reserves comprehensive report, component information guidebook, and a detailed Excel file.
Level 3 - Update No Site Visit
An Update with No Site Visit Reserve Study is a method used by associations to refresh their existing reserve study without conducting physical on-site inspections. Instead, available data and documentation from the client are reviewed to adjust asset information, estimate replacement costs, and assess funding strategies. This approach ensures that the reserve study remains accurate and up-to-date. The updated information is incorporated into a revised report, and utilized to make informed financial decisions regarding their reserve fund allocation and future maintenance and replacement needs. Each study level comes with Midwest Reserves comprehensive report, component information guidebook, and a detailed Excel file.