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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 and a detailed Excel file.
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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 and a detailed Excel file.
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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 and a detailed Excel file.
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Level 4 - From Plans
A Level 4 Reserve Study is an evaluation based solely on architectural plans and drawings, used to help associations and developers plan for the long-term maintenance and replacement of shared assets and amenities in a property under construction or in development. This study does not involve an on-site inspection but relies on the provided construction documents to create an inventory of future common area components, estimate their useful life, and forecast future repair and replacement costs. A detailed financial analysis is conducted to determine the reserve funding needed to meet these future obligations.
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The outcomes of the study include a comprehensive report with cost estimates, component lifespans, and a strategic reserve funding plan to ensure financial preparedness for long-term asset management. This study is particularly useful during the pre-construction phase or when physical access to the property is not possible. Like all reserve study levels, a Level 4 Reserve Study includes Midwest Reserves comprehensive report and a detailed Excel file.