HOA Reserve Study – A tool to understanding how a community operates

 

 

StonebridgeHOA Reserve Study – Another document in the HOA disclosures

If you have the patience to wade through all of the disclosure information that is provided by the HOA when you buy a house, you may stumble upon a document called a reserve study. In fact according to the current AAR Planned Community Addendum, the most recent reserve study must be provided to the buyer if it exists.  If the HOA is responsible for maintaining a community with more than the normal level of common area amenities such as a man made lake or a community park or clubhouse, a reserve study is even more important. The Lakes Dock and Boat

What is a reserve study?

The best definition of a reserve study that I’ve found is “A Reserve Study is the art and science of anticipating, and preparing for, major common area repair and replacement costs. (Association Reserves, Inc.)  There are two parts to the reserve study; the physical analysis and the financial analysis. The physical analysis contains information about the condition and anticipated costs to maintain or replace the assets maintained by the association. The second part is the financial analysis that includes a review of the association’s reserve balance and plan to offset expenses.  As a community has more assets and common area responsibilities, a thorough reserve study becomes very important because of the large capital expenses that can occur.   The purpose of reserve study is to establish reserves that will cover capital common area expenses. Otherwise, a special assessment may be required of each property owner to cover costs that were not anticipated or budgeted.

Reserve studies are not required by law in Arizona even though in other states such as California, Delaware, Utah, Nevada and Virginia they are.   As a prudent steward over the assets of a community it would be very reasonable that a community association would perform a reserve study periodically.  A.R.S. 33-1260 does requires that the buyer be provided with a statement regarding the total Diving Poolamount of money held by the association as reserves.  The significant discussion really centers around how frequently a reserve study should be performed.  In states that do require reserve studies, physical site assessments 3 – 5 years cycles are suggested.

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A benefit of reviewing the reserve study for any Phoenix area home is that a potential buyer or existing owner will be able to see what community assets are being considered for repair or replacement and the anticipated life of each. You’ll also run across terminology regarding the funding strategy and funding resWater Tower Plaza Fountainserve.  Calculations also show how much of the spent or deteriorated asset life has been covered for in the reserves.  Even as a current homeowner, the review of the reserve study is recommended.

The Reserve Study is often overlooked by buyers when they are reviewing the HOA disclosures. Possibly because a potential buyer is busy reading the Conditions, Covenants, and Restrictions (CC&R’s) for the community.  However, a quick review can give a buyer worthwhile insight into the community where their next home will be.

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The Lakes Bill ARS 45-132

$849,900 :: 2796 E CATTLE Drive, Gilbert AZ, 85297

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6 beds, 5 baths
Home size: 4,825 sq ft
Lot Size: 40,075 sq ft
Added: 07/22/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5796883
Community: BAR J RANCHES
Tract: BAR J RANCHES
The price of this listing was last reduced on 9/24/2018 by 3%
Status: Active


Great remodel on this tough to find property. Horse privileges, no HOA, big lots, lots of space in this quiet Gilbert Neighborhood make this house a true gem. Located at the end of a cul de sac, this home offers great privacy and virtually no traffic. The main floor is wonderful with an awesome kitchen, a huge family room, a guest suite with private entrance, an office, ajd the master bedroom. Don't miss the master bathroom and the cool shower. Downstairs, is a full basement with 2 bathrooms and 4 bedrooms. It also has a set of stairs to the backyard, with outdoor storage that will store all your ''stuff'' Almost situated on a full acre, the backyard is a blank canvas for you to leave as is, or design the yard of your dreams. Don't miss this opportunity!

Listed with Housso Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$352,750 :: 635 N YALE Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 2,302 sq ft
Lot Size: 7,405 sq ft
Added: 09/13/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5819439
Community: BRECKENRIDGE MANOR 2 LOT 114-1
Tract: BRECKENRIDGE MANOR 2 LOT 114-1
The price of this listing was last reduced on 9/18/2018 by 2%
Status: Active


Stunning 4 BR 2.5 BA 2302 sq ft home in desirable Breckenridge neighborhood, this home is remodeled from top to bottom! Separate LR, DR, KIT w/BRKFT area, & FR give plenty of room for the whole family! KIT w/white cabinets, granite counters, SS appliances, walk-in pantry, center island, & BRKFT bar is a chef's dream. KIT flows into the FR w/floor to ceiling whitewashed FRPL & dramatic open staircase. Both overlook the backyard paradise w/diving pool & Kool Deck. The resort like back yard w/new sod, sprinklers & rock also has grassy area for children & pets. Upstairs is 4 BR's & hall bath w/white cabinets, granite counters, & tiled tub/shower. MBR's walk-out deck overlooks lush backyard. MBA w/white cabinets, granite counters, walk-in tiled shower, & his/her closets. This home won't last!

Listed with Long Realty Platinum Premier


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$250,000 :: 3651 E Leslie Drive, Gilbert AZ, 85296

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3 beds, 2.5 baths
Home size: 2,035 sq ft
Lot Size: 2,178 sq ft
Added: 09/24/18, Last Updated: 09/24/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5824470
Community: COOLEY STATION NORTH PARCEL 2
Tract: COOLEY STATION NORTH PARCEL 2
Status: Active


Don't miss this Gilbert home with great location near freeway and San Tan mall AND great views of greenbelt in your front yard. Home has granite, 3 bedrooms, master split plus huge room that can be rec room, man cave, office or another bedroom as current owners have it set up. Granite countertops, stainless steel appliances, bathroom on each level, huge soaking tub and walk in shower in master bedroom. Living room has great balcony with beautiful view of greenbelt out front. Garage is in back of home. Community has multiple pools and playground areas too! Come check it out!

Listed with Revelation Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$375,000 :: 3479 E MERLOT Street, Gilbert AZ, 85298

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4 beds, 2.5 baths
Home size: 2,287 sq ft
Lot Size: 7,840 sq ft
Added: 09/24/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5824483
Community: SEVILLE PARCEL 22
Tract: SEVILLE PARCEL 22
Status: Active


Situated on a N/S Lot Featuring Fresh Exterior Paint, Great Room Floor Plan with 4 Bdrms + Loft & Downstairs Den, Custom Blinds, Accent Paint,Eat-In Kitchen w/Breakfast Bar, & Island w/Pendent Lighting, Solid Surface Counters, Maple Kona Cabinets, Stainless Appliances Incl Gas Range & B/I Micro, SoftWater, R/O System, Modern Stair Railing, Inside Laundry w/Add'l Cabinets & Plumbed for Gas Dryer, Master Walks Out to Deck Overlooking the Backyard, Dual Sinks, Separate Tub/Shower, & Walk-In Closet in Master Bath, Covered Patio w/Built-In BBQ, Synthetic Grass, Stuccoed Interior Back Wall, Nicely Landscaped, Sparkling Pebble Tec Pool w/Over-Sized Step & Water Feature + 4 Seats, Sunken Bar Area Next to Pool w/Sin, Gas Firepit. Tankless Water Heater & 2 Car Extended Garage & Owned Solar Panel

Listed with eXp Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$240,000 :: 240 W JUNIPER Avenue #1058, Gilbert AZ, 85233

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2 beds, 2.5 baths
Home size: 1,138 sq ft
Lot Size: 435 sq ft
Added: 09/24/18, Last Updated: 09/24/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5824428
Community: Via Sorento Condominium
Tract: Via Sorento Condominium
Status: Active


Downtown Gilbert Living At It's Finest In This Beautiful 2 Bedroom, 2.5 Bathroom Condominium Located In The Highly Sought After Via Sorento Community! From the moment you walk through the front door you can't help but notice the attention to detail with stunning wood plank tile flooring, white shaker cabinetry, granite countertops and stainless steel appliances! This amazing floorplan features two master suites with a large entertaining area! Parking will never be an issue as this unit has it's very own two car garage! The community offers a sparkling pool, fitness center, lots of common area, gates and is just moments from Heart of Downtown Gilbert!

Listed with United Brokers Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$260,000 :: 4253 E Baylor Lane, Gilbert AZ, 85296

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4 beds, 2.5 baths
Home size: 1,713 sq ft
Lot Size: 3,049 sq ft
Added: 08/31/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5814324
Community: Gardens
Tract: Gardens
Status: Active


Welcome to your darling home in the Gardens! You are welcomed into the community by a tree lined street, amazing parks, and combine this with multiple community pools and you are home! Just minutes from shopping, numerous restaurants and freeway access. Kitchen is nicely upgraded with granite counter tops, stainless steel appliances including a gas range stove! Backyard is ready for guests and to entertain. First floor has 1/2 bath. Upstairs is a nice size loft, 4 bedrooms, 2 full baths and upstairs laundry! Granite through out the bathrooms. This is a must see home that will not last long.

Listed with Re/Max Infinity


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$575,000 :: 879 E LODGEPOLE Court, Gilbert AZ, 85298

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6 beds, 4 baths
Home size: 4,209 sq ft
Lot Size: 8,276 sq ft
Added: 06/14/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5780261
Community: Whisper Glenn @ Felty Farms
Tract: Whisper Glenn @ Felty Farms
The price of this listing was last reduced on 9/24/2018 by 2%
Status: Active


This Spectacular home in Gilbert is perfect for the growing family! Location, Location, Gilbert Schools rated 4th in the country! This sought after BASEMENT home was a previous Model and features the communities most popular floor plan. Many features on this home. Over 4200 sq ft 6 bedrooms, 4 bathrooms, High Ceilings with Crown Molding Throughout, Huge Master bedroom with Soak-in Bath, Huge Walk-in Closet. Kitchen has built-in stacked ovens, with Samsung refrigerator, 42' spice maple cabinets with a flat panel, with roll-out drawers, gas cooktop, built in microwave. Large Laundry room with Cabinets, Also front loader Washer & Dryer included. Home is even hooked up to plug in your Electric car!.

Listed with HomeSmart


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$436,000 :: 4064 E PARK Avenue, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,427 sq ft
Lot Size: 7,405 sq ft
Added: 09/11/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5818483
Community: HIGHLAND GROVES AT MORRISON RA
Tract: HIGHLAND GROVES AT MORRISON RA
Status: Active


Built in 2009, this Gilbert two-story home is located in a well-kept neighborhood and offers plenty of natural light, scenic views, granite kitchen countertops, and a three-car garage. Upgraded features include fresh interior paint and new carpet in select rooms, and common area maintenance part of the HOAHome comes with a 30-day buyback guarantee. Terms and conditions apply.

Listed with Opendoor Homes


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$249,900 :: 36 N COTTONWOOD Drive, Gilbert AZ, 85234

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3 beds, 2 baths
Home size: 1,032 sq ft
Lot Size: 6,534 sq ft
Added: 09/24/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5824319
Community: COLLEGE PARK 5
Tract: COLLEGE PARK 5
Status: Active


**WALKING DISTANCE TO DOWNTOWN GILBERT*** COMPLETE REMODEL **BRAND NEW QUARTZ COUNTER TOPS** **BRAND NEW SHAKER CABINETS** **BRAND Luxury Vinyl Plank with Foam Back THROUGHOUT** **BRAND NEW FIXTURES** **BRAND NEW APPLIANCES** **BRAND NEW BACKSPLASH** **BRAND NEW DUAL PANE WINDOWS** **ALL BATHROOMS REMODELED** ** NEW PAINT INSIDE & OUT **NEW SHINGLE ROOF **DONT MISS OUT, THIS ONE WON'T LAST LONG

Listed with Venture REI, LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$340,000 :: 639 N HORNE Street, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,146 sq ft
Lot Size: 7,405 sq ft
Added: 09/10/18, Last Updated: 09/24/18
Property Type: Single Family
MLS Number: 5818044
Community: SUMMER MEADOWS PARCEL 1
Tract: SUMMER MEADOWS PARCEL 1
Status: Active


You will fall in love with this 3 Bdrm, Plus a Den, Shea Home floor plan from the minute you see it! Surrounded by mature lush landscaping and sitting next to an open community green belt and park, this home is turn-key and move-in ready. Spacious floor plan is over 2,100 square feet with soaring vaulted ceilings and a staircase fit for a princess, where you can enjoy a view of the welcoming formal living areas. There are three bedrooms upstairs including the master retreat which has everything you need, such as a generous walk-in closet, dual sinks, separate shower and walk-in tub. The rich tones in the custom paint is the perfect complement to this large master bedroom! One bedroom and full bath downstairs, suitable for a home office, adult children or elder parents.

Listed with RE/MAX Professionals


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


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