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

$235,000 :: 709 W Catclaw Street, Gilbert AZ, 85233

3 beds, 2 baths
Home size: 1,378 sq ft
Lot Size: 6,098 sq ft
Added: 07/17/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5794585
Community: Candlewood
Tract: Candlewood
Status: Active


This three bedroom, two bath updated home in Gilbert's Candlewood community is an amazing value and positioned perfectly near shopping, restaurants and easy access to area freeways. Situated on a large, North/South facing cul-de-sac lot with a beautifully landscaped low-maintenance yard, the single-level home features touches such as a neutral palette throughout, multi-pane & bay windows for abundant natural light, 2'' wood blinds, 20'' tile and carpet & granite countertops. With a nice size eat-in kitchen, Master Suite with large walk-in closet, French door exit to the backyard & oversized covered patio with flagstone, it is a move-in ready opportunity!

Listed with Russ Lyon Sotheby's International 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/!


$223,000 :: 4163 E JASPER Drive, Gilbert AZ, 85296

3 beds, 2 baths
Home size: 1,463 sq ft
Lot Size: 871 sq ft
Added: 07/17/18, Last Updated: 07/17/18
Property Type: Condo/Townhouse/Co-Op
MLS Number: 5794608
Community: GARDENS PARCEL 5 CONDOMINIUM A
Tract: GARDENS PARCEL 5 CONDOMINIUM A
Status: Active


Built in 2005, this Gilbert two-story offers granite kitchen countertops, and a two-car garage. Upgraded features include fresh interior paint and new carpet in select rooms. Community pools, parks, courts, and common area maintenance are part of the HOA. Home comes with a 30-day satisfaction 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/!


$579,900 :: 2911 S SANDSTONE Court, Gilbert AZ, 85295

4 beds, 3 baths
Home size: 3,470 sq ft
Lot Size: 9,583 sq ft
Added: 07/17/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5794591
Community: SPECTRUM AT VAL VISTA PARCEL 1
Tract: SPECTRUM AT VAL VISTA PARCEL 1
Status: Active


TO BE BUILT: Tivoli offers four unique floor plans. They combine contemporary architecture with style & luxury. We are here to guide you through each step of the home building process and Step 1 is choosing a floor plan. Our models offer a one- or two- story home. Tivoli homes are not only showpieces but also homes that will fit your current needs while also providing the flexibility for growth. With your comfort in mind we offer floorplans consisting of four to six bedrooms and a three-car garage. The vision behind Tivoli at Spectrum is to build a community where homeowners can live, grow and create their own memories for generations to come by representing today's architecture with a strong sense of design.

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/!


$229,000 :: 400 E ENCINAS Avenue, Gilbert AZ, 85234

5 beds, 3 baths
Home size: 2,198 sq ft
Lot Size: 6,969 sq ft
Added: 07/17/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5794606
Community: CIRCLE G MEADOWS
Tract: CIRCLE G MEADOWS
Status: Active


Incredible location in the heart of Gilbert. This 5 bedroom 3 bath home with a pool at the end of a cul de sac ready for your personal touch remodel. Fireplace, 2 car garage, NO HOA and an RV Gate.

Listed with Majestic Real Estate & Investments, Inc.


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


$287,500 :: 3050 E MERLOT Street, Gilbert AZ, 85298

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4 beds, 2 baths
Home size: 2,052 sq ft
Lot Size: 6,969 sq ft
Added: 06/09/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5778269
Community: COUNTRY SHADOWS
Tract: COUNTRY SHADOWS
The price of this listing was last reduced on 6/12/2018 by 1%
Status: Active


Gorgeous south Gilbert home has open kitchen with pull out shelving (even the pantry-love it!) and upgraded appliances/2011.Huge master bed/w large closet & user-friendly bathroom-double sink,linen closet,separate tub/shower. Tub is larger than normal. Spacious Jack and Jill bathroom splits 2 bedrooms with 3rd plus master on other...makes for a perfect scenario for office or new born & more. New AC 2011. Roomy backyard with additional sidewalk to the gate. The patio is enclosed with fencing that has 2 gates. One could be used for pets or garden. The other gate goes out to the main backyard. Pets & family can separate if wanted for backyard parties. Garage has 25 amps & outlets apx every 4 ft plus GFI outlets on the outside walls of home. No neighbors behind or west. Highly sought location.

Listed with Hague Partners


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


$306,900 :: 3942 E NARROWLEAF Drive, Gilbert AZ, 85298

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4 beds, 2 baths
Home size: 1,800 sq ft
Lot Size: 5,227 sq ft
Added: 04/21/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5755458
Community: Bridges East
Tract: Bridges East
The price of this listing was last reduced on 7/17/2018 by 0%
Status: Active


Newly installed wood plank tile through the living room, kitchen, halls and baths!! Come take another look you will love the rich open feel of this beautiful single level, 4 bed/2 bath 2015 Lennar Built home with North/South exposure. This quality built single level 1800 sq ft home has a split plan with the 4th bedroom (or mother-n-law) suite in the front portion of the home secluded from the other rooms. Tons of cabinet space, walk in pantry, and option of gas or electric oven(currently gas). Open, spacious, and energy efficiency is everything that this home offers. Make this your new home in this very sought after community. All appliances convey with home.

Listed with West USA 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/!


$359,900 :: 3416 E INDIGO Street, Gilbert AZ, 85298

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3 beds, 2.5 baths
Home size: 2,177 sq ft
Lot Size: 4,356 sq ft
Added: 07/17/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5794535
Community: BRIDGES AT GILBERT PHASE 1 PAR
Tract: BRIDGES AT GILBERT PHASE 1 PAR
Status: Active


You'll love this beautiful one-owner home on a prime lot in the Bridges offering 3 bedrooms + den & loft & 2.5 baths in 2177 SqFt. Great room floor plan with bedrooms & laundry upstairs. The kitchen features white maple cabinetry, granite countertops, stainless appliances, gas range with double ovens, pantry and island with breakfast bar & pendant lighting. Sliding doors lead out to a nicely landscaped backyard with covered patio, additional paver patio and grass for kids & pets to play on. Home backs a park, so no rear neighbors! The master retreat has a private bath with dual sink vanity, super shower & walk-in closet. Upstairs bath also has double sinks. Other features include a 2 car garage with service door & utility sink, paver driveway, lots of storage throughout & much more!*

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/!


$237,500 :: 314 W ASPEN Avenue, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,250 sq ft
Lot Size: 6,969 sq ft
Added: 06/04/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5775385
Community: LA VIDA SERENA ESTATES
Tract: LA VIDA SERENA ESTATES
The price of this listing was last reduced on 7/17/2018 by 3%
Status: Active


Location..Location..Location. walk to Old town Gilbert, Cafe & Restaurants, No HOA, Newly Renovated Home, New Floorings throughout, all bedrooms has new wood floorings, and New Tiles on Living room, Kitchen and all Bathrooms. New Paint in all Interior & Exterior, New Sinks & Light Fixtures, New Appliances (Stove,dishwasher & microwave). Good Size Lot with an RV Gate, Separate workshop behind home with electric. Thank you for Showing.

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/!


$540,000 :: 815 E RAWHIDE Court, Gilbert AZ, 85296

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4 beds, 3.5 baths
Home size: 3,356 sq ft
Lot Size: 4,791 sq ft
Added: 05/15/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5766386
Community: YELLOW ROSE RANCH AMD
Tract: YELLOW ROSE RANCH AMD
The price of this listing was last reduced on 7/17/2018 by 2%
Status: Active


Your chance to buy the Builder's MODEL HOME!! MOVE IN READY ! Over $180K in upgrades. Builder is closing out the community and selling the upgraded model for an incredible price. Pictures say it all. Energy star level 3. 2 x 6 construction. Upgraded flooring, upgraded cabinets, upgraded lighting & fixtures. 4 Bedroom, 3.5 bath, 3 car garage w/ beautiful courtyard alcove for parking. GREAT LOCATION near Old Downtown Gilbert. Freestone Park and 2 freeways.

Listed with Network 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/!


$449,000 :: 4593 E CAROB Drive, Gilbert AZ, 85298

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2 beds, 2.5 baths
Home size: 2,379 sq ft
Lot Size: 8,276 sq ft
Added: 07/12/18, Last Updated: 07/17/18
Property Type: Single Family
MLS Number: 5792337
Community: Trilogy at Power Ranch
Tract: Trilogy at Power Ranch
Status: Active


Gorgeous Cimarron model home located on a large N/S facing corner lot. This open floor plan includes a large kitchen with 12' Ceilings, granite counters, staggered distressed cream cabinets, double ovens, gas cook-top, large center Island with vegetable sink, pullouts, Stainless Steel appliances and large breakfast bar with pendant lighting. The home has Shutters throughout and neutral tile on the diagonal. The Great room has a Gas fireplace, entertainment niche and a wall of windows overlooking the backyard. Relax in the large master suite with bay window, his/her walk-in closets with custom shelving and storage. The master bath has a seamless, tiled walk-in shower, soaking tub, double sinks, linen closet, granite counters and custom lighting.

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/!


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