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Is there a guideline for how much money an HOA should maintain for future needs of its members?
Wiki User
∙ 10y ago
Generally, this guideline is available in a Reserve Study. Some states require reserve studies; some states require contributions to reserve accounts.
There is no standard.
If you live in a common interest community, best practices dictate that you rally for a Reserve Study to be conducted by a licensed reserve study specialist. This will give you a list of your real estate assets, the useful life of each, the remaining useful life of each and an estimate as to the cost required to replace or perform major repairs on each asset.
Then, monies can be paid into reserves on a monthly basis so that when the end of the useful life is reached, an asset can be replaced or repaired using reserves.
Wiki User
∙ 10y ago
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