Community Associations Institute (CAI) released revised guidelines for Reserve Study Standards in May of 2023.
The update recommends adding two supplemental reports to reserve studies:
- A Preventive Maintenance Manual
- Periodic Structural Inspections
These reports would be incredibly helpful to maintain buildings as the Boards and/or Management changes. Maryland, Delaware and Virginia each have reserve study requirements and it’s possible that structural inspections could be mandated in the future, either by a municipality, state or even an insurance carrier.
The inspections and preventive maintenance could help avoid future tragedies such as the collapse of Surfside Condominium in Florida.
Dig Deeper on the new changes to Reserve Studies here.
REMINDER TIP:
Maryland communities who have never had a reserve study or whose study is more than 5 years old must have a reserve study completed by October 1, 2023.
