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.

If you’d like to receive automatic updates of any homes in the southeast valley, click on receive real estate listings automatically.

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.

If you would like to know an honest valuation of your  home, please click on What’s My Home Worth.

Related Posts

Waterfront Homes by Price

TopGolf comes to Gilbert

Driving through neighborhoods virtually!

Gilbert Homes for Sale

The Lakes Bill ARS 45-132

$328,900 :: 6754 S ST ANDREWS Way, Gilbert AZ, 85298

Property Photo

Mls Icon

2 beds, 2.5 baths
Home size: 1,764 sq ft
Lot Size: 7,405 sq ft
Added: 12/05/18, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5854328
Community: SEVILLE
Tract: SEVILLE
The price of this listing was last reduced on 1/19/2019 by 1%
Status: Active


TWO MASTER BEDROOMS, 2 1/2 BATHS, IN THE GATED AREA ON THE GOLF COURSE AT SEVILLE GOLF AND COUNTRY CLUB MASTER PLANNED COMMUNITY, SUNSET VIEWS OF THE GOLF COURSE AND THE CLUBHOUSE, THIRD BEDROOM WAS OPTIONED AS A DEN/OFFICE BUT COULD BE A BEDROOM, GREAT ROOM FLOORPLAN HAS A LARGE LIVING/DINING AREA, EAT IN KITCHEN, HICKORY KITCHEN CABINETS AND GRANITE COUNTERS, INSIDE LAUNDRY ROOM, TALL CEILINGS, PRIVATE COVERED PATIO, EASY CARE LANDSCAPING, GASLOG FIREPLACE, WITH VIEW WINDOW ABOVE, GREAT RENTAL PROPERTY WITH RENTS GOING FOR $1700-$1750 PER MONTH, OVERSIZED TWO CAR GARAGE WITH WATER SOFTENER, GATED NEIGHBORHOOD IN SEVILLE WITH GOLF VIEWS ON THE 9TH HOLE, PAINTED TWO YEARS AGO,CLUBHOUSE, GOLF COURSE, WALKING PATHS, POOLS/SPAS, INCREDIBLE PLACE TO LIVE,

Listed with Realty ONE 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/!


$509,900 :: 6853 S RACHAEL Way, Gilbert AZ, 85298

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 2,740 sq ft
Lot Size: 10,018 sq ft
Added: 09/03/18, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5815255
Community: SEVILLE
Tract: SEVILLE
The price of this listing was last reduced on 1/19/2019 by 1%
Status: Active


MOVE IN READY, 274O SQ. FT. SINGLE LEVEL HOME IN THE POPULAR COMMUNITY OF SEVILLE, OPEN SPLIT FLOOR PLAN WITH TONS OF UPGRADES,HUGE GOURMET KITCHEN FEATURES TWO ISLANDS, GRANITE COUNTERTOPS, PANTRY AND STAINLESS APPLIANCES, LOTS OF COUNTER AND CABINET SPACE, SPACIOUS MASTER SUITE HAS A SHOWER AND TUB, DUAL SINKS, WALKIN CLOSET AND PRIVATE EXIT TO THE BKYD, LARGE MEDIA ROOM COULD BE FOURTH BEDROOM OR GAME ROOM, SEPARATE DEN OFFICE, BACKYARD IS AN ENTERTAINERS DREAM AND FEATURES AN EXTENDED PATIO WITH CEILING FANS, FLAGSTONE HEATED SPA/POOL ''SPOOL'' WITH WATERFALL,BUILT IN CUSTOM BBQ, FIRE PIT WITH SEATING AND LOW MAINTENANCE LANDSCAPE, HUGE LOT HAS A VIEW FENCE THAT OVERLOOKS THE 16TH FAIRWAY ON GOLF COURSE, $8k IN PLANTATION SHUTTERS,

Listed with Realty ONE 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/!


$354,900 :: 3693 E JAGUAR Avenue, Gilbert AZ, 85298

3 beds, 2 baths
Home size: 1,750 sq ft
Lot Size: 7,840 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5870699
Community: SEVILLE
Tract: SEVILLE
Status: Active


Beautiful home located in Seville! This 3 bedroom, 2 bathroom home with a 2 car garage home is move in ready! Property has a welcoming entry that leads to the open living space with a sliding glass door that opens to the backyard. Kitchen features upgraded cabinets, new stainless appliances and granite countertops! All the bedrooms are spacious, master bedroom has a bathroom ensuite. In the backyard there is a pool with a water feature and a nice covered patio. This one is a must see!

Listed with OfferPad


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


$279,000 :: 3821 E SAN REMO Avenue, Gilbert AZ, 85234

3 beds, 2 baths
Home size: 1,520 sq ft
Lot Size: 5,227 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5868665
Community: CAROL RAE RANCH
Tract: CAROL RAE RANCH
Status: Active


Charming 3 bedroom plus den home with a deep pool located in popular Carol Rae Ranch in North East Gilbert. This home is move in ready with a vaulted great room open to the eat in kitchen. Upgraded plank tile flooring in most of home and laminate and tile in bedrooms and baths, no carpet! Galley kitchen with a tiled backsplash. Come and see this home before it is gone, they don't last very long in this subdivision!

Listed with Clayton Nash 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/!


$317,000 :: 1499 S SABINO Drive, Gilbert AZ, 85296

Property Photo

Mls Icon

3 beds, 3 baths
Home size: 2,285 sq ft
Lot Size: 6,534 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5870600
Community: GARDENS PARCEL 1
Tract: GARDENS PARCEL 1
Status: Active


Beautiful move-in ready, totally re-modeled home from top to bottom. Fresly painted inside and out complementing the beautiful wood tile, carpet and granite countertops in the kitchen and bathrooms. Spacious loft expands the living area for multiple uses. All doors, hardware and faucets are new. East facing, large backyard with covered patio that backs to greenbelt, perfect for entertaining. All of this in The Gardens with community pool, volleyball, children's playgoumds and walking paths. Call today to see this like new home complete with landscape and window coverings throughout.

Listed with Realty ONE 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/!


$365,000 :: 1457 E BRUCE Avenue, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,972 sq ft
Lot Size: 6,969 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5870583
Community: FULTON HOMES AT THE MANORS
Tract: FULTON HOMES AT THE MANORS
Status: Active


Welcome to your new home! This rare one story home with 3 car garage has everything that you are looking for. Some of the highlights include a large family room with vaulted ceilings, open concept kitchen with upgraded Caesar Stone counter tops, stainless steel appliances, center island and plenty of cabinets for storage. As you continue through the house, you will find new tile and fixtures throughout, as well as a large master bedroom with en suite bathroom including soaking tub, dual vanity and walk in closet. The backyard is perfect for entertaining your guests with it's green grass and pebble tech pool! Don't miss this one!!

Listed with North & Co


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


$227,900 :: 969 W WENDY Way, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,227 sq ft
Lot Size: 871 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5870593
Community: PARK PLACE VILLAGE CONDOMINIUM
Tract: PARK PLACE VILLAGE CONDOMINIUM
Status: Active


Cute 3 bedroom, 2 bath home. Large master bedroom on the main floor with full bathroom, and laundry room access to your 2 car garage. Upper level has open floor concept with large open kitchen and 2 nice sized bedrooms and full bathroom. This home is light and spacious with new hard wood flooring in all the right places. You will find tile in the bathrooms and kitchen. Nice blinds, neutral paint and upstairs patio. New Hot Water Heater and Garbage Disposal. Lots of kitchen cabinets for storage and tons of counter-top space. This community is sure to please so bring the kids, your pets or a roommate! You are close to shopping, downtown Gilbert and easy access to the 60 freeway or the 202 San Tan.

Listed with Delex 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/!


$325,000 :: 2708 E BELLERIVE Drive, Gilbert AZ, 85298

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,759 sq ft
Lot Size: 5,662 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5870650
Community: ADORA TRAILS PARCEL 11B
Tract: ADORA TRAILS PARCEL 11B
Status: Active


Beautiful bright and open floorplan! Vaulted ceilings, wood flooring, rich dark wood cabinetry, and stainless steel appliances are a few features this home offers. Spacious bedrooms with ceiling fans an generously sized walk in closets. Enjoy the beauty of mother nature in your primed and ready yard just waiting for your special touch. Schedule your showing today!

Listed with Sonoran Premier Properties


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


$525,000 :: 4616 S RANGER Court, Gilbert AZ, 85297

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 3,411 sq ft
Lot Size: 12,196 sq ft
Added: 01/19/19, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5870629
Community: POWER RANCH NEIGHBORHOOD 3
Tract: POWER RANCH NEIGHBORHOOD 3
Status: Active


Absolutely stunning 4 bed + den, 3.5 baths home in a spacious 3,411 sqft floor plan with a fabulous backyard oasis! This home features 10+ ceilings and a den, formal living and dining rooms (all with wood floors) for plenty of living and entertaining space. The family room is naturally lit with a wall full of windows and has a large ceiling fan, surround sound, homework nook and opens to the eat-in kitchen. The kitchen features abundant maple cabinetry, white appliances including electric cook top and wall ovens, large island, butler's pantry, breakfast bar w/recessed lighting and cozy casual dining area. The master retreat has a separate exit to the backyard and full bathroom with dual sinks, separate tub and shower and roomy walk-in closet. One secondary bedroom with an ensuite bath

Listed with Keller Williams Arizona 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/!


$275,000 :: 251 E HEMLOCK Avenue, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2 baths
Home size: 1,522 sq ft
Lot Size: 9,147 sq ft
Added: 12/03/18, Last Updated: 01/19/19
Property Type: Single Family
MLS Number: 5853246
Community: VILLAGE 2 LOT 90-225 & TR A
Tract: VILLAGE 2 LOT 90-225 & TR A
The price of this listing was last reduced on 1/3/2019 by 4%
Status: Active


Welcome home! Unbelievable property located in Gilbert is now on the market! Highly upgraded and in impeccable condition. Offering a gravel front landscaping and brick accents on the facade. Fabulous interior is complete with 4 bed, 2 bath, beautiful tiled fireplace in family room, and neutral paint throughout the entire house. Dreamy open kitchen provides sparkling stainless steel appliances, ample cabinetry, pantry, tiled back-splash, recessed/pendant lighting, and centered island with breakfast. Perfect sized master bedroom consists of a private exit, lavish full bath, and walk-in closet. Huge backyard gives you a covered patio ideal for relaxing afternoons, RV gate, and so much space to potentially build a pool or create your own oasis landscaping. Hurry this is the one. Start calling!

Listed with List 3K, 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/!


Leave a Reply

Your email address will not be published. Required fields are marked *