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

$575,000 :: 58 E PHELPS Street, Gilbert AZ, 85295

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4 beds, 4 baths
Home size: 3,711 sq ft
Lot Size: 10,018 sq ft
Added: 11/18/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5848636
Community: ALLEN RANCH PARCELS 1 2 3 &amp
Tract: ALLEN RANCH PARCELS 1 2 3 &amp
Status: Active


This is a hard-to-find BASEMENT home in a prime Gilbert zip code. The home has lots of space with 4 bedrooms plus a den that could easily be converted to a fifth bedroom, 4 full baths, formal living and dining, and a big basement bonus room. It has new carpet, new exterior paint, newer water heater, security doors, and vaulted ceilings. The backyard features an inviting salt water Pebbletec pool. Located in popular Allen Ranch and in the top-notch Gilbert school district, you can't beat this location with easy freeway access and nearby shopping, restaurants, entertainment, and employment. PLEASE NOTE: County tax records are incorrect and do not reflect any of the basement square footage. The home was a formal model and square footage with the basement was provided by the builder.

Listed with Haven 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/!


$264,000 :: 65 E PALOMINO Drive, Gilbert AZ, 85296

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3 beds, 2.5 baths
Home size: 2,102 sq ft
Lot Size: 3,049 sq ft
Added: 09/19/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5822183
Community: VILLAGE AT GILBERT & WARNE
Tract: VILLAGE AT GILBERT & WARNE
The price of this listing was last reduced on 11/18/2018 by 2%
Status: Active


Location and Value in this former model home which has had a fresh makeover and is move in ready. Hard to imagine a much better spot, 1 MILE to Old Town Gilbert and all it has to offer. This home has fresh carpet, fresh interior two-tone paint and is ready to go. The Kitchen boasts Staggered cabinets, stainless steel appliances, wood look tile flooring, Solid Surface counter tops, island, pantry and more. 2nd floor has all the bedrooms along with 2 bathrooms, lives like a 2 story. The 3rd level is a large open space, ready to become whatever you need it for, an office, a play room, you name it. Outside is low maintenance with artificial grass in the side yard, a nice front porch. Home fronts to a large common area and is near the pool but still quiet. ONLY ONE NEIGHBOR! Check it out today

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/!


$499,000 :: 3311 E MYRTABEL Way, Gilbert AZ, 85298

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3 beds, 2 baths
Home size: 2,472 sq ft
Lot Size: 8,276 sq ft
Added: 11/14/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5846637
Community: MARBELLA VINEYARDS
Tract: MARBELLA VINEYARDS
Status: Active


This luxurious home, previous builder's model, is 3 bed/2 bath plus den/flex room and extended garage, is loaded with hi-end finishes throughout. Great room floor plan with a gourmet kitchen includes, upgraded staggered cabinets, granite, a 5-burner gas cooktop and large breakfast island. The wall of custom wood cabinets provides additional storage and encloses an awesome oversized electric fireplace. 3 panel patio doors collapse extending your living space to a professionally landscaped yard with pavers, artificial grass, a gas fireplace and mature trees and plants. The local community features a 7-acre park, with many outdoor amenities, less than 1 mile away from a new 272 acre Regional Park, currently under construction, that will include a variety of outdoor activities for all ages.

Listed with Keller Williams Northeast 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/!


$364,000 :: 3904 E SOURWOOD 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: 10/23/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5837388
Community: BRIDGES EAST PARCEL 3-3
Tract: BRIDGES EAST PARCEL 3-3
The price of this listing was last reduced on 11/18/2018 by 2%
Status: Active


This beautiful and lightly lived in 4 bedroom 2 bath home is situated on a corner lot and boarders a private green belt. This home offers stunning granite counter tops, off white cabinets, and stainless steel appliances. Wind down from a busy day in your spacious master suite and master bath. Completely upgraded with fully tiled shower and dual sinks makes this the perfect en suite. Open, spacious, and energy efficiency is everything that this home offers. Step out back to your oasis and enjoy the secluded in ground pool, amazing back yard and covered patio which is great for entertaining. This beautiful community is across the street from Gilbert's future 300 acre park with lake, aquatic center, shopping, restaurants and much more. This home will not last long. Schedule a showing today!!!

Listed with Arizona Experience Realty, 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/!


$350,000 :: 725 W Hackamore Street, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,018 sq ft
Lot Size: 5,662 sq ft
Added: 11/18/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5848605
Community: Candlewood
Tract: Candlewood
Status: Active


This beautiful home is a MUST see! Perfect location near downtown Gilbert, with great access to shopping, dining, and freeways. This Gilbert home has been completely updated! New wood-look tile throughout all of the main traffic areas, new carpet everywhere else. New kitchen cabinets, granite countertops, and appliances! All bathrooms have been updated with new tile, vanities, shower tile, and fixtures! Gorgeous new baseboards throughout, along with warm gray tones provide a comfortable home. Step outside to the covered patio, and enjoy the lush, green grass and fully landscaped backyard escape. This gem will not last, come see it today!

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/!


$324,900 :: 607 W TARA Court, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,186 sq ft
Lot Size: 8,712 sq ft
Added: 11/01/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5841003
Community: TEMPLETON PLACE
Tract: TEMPLETON PLACE
Status: Active


Location. Location. Location! You're within minutes to everything Gilbert has to offer - PLUS - no HOA! Great location on a cul-de-sac in a small neighborhood. This move-in ready 4 bedroom, 2.5 bath home is ready & waiting for you. Triple (3) car garage. RV gate. Fabulous patio area, lovely pool and grassy area. You'll love the updated kitchen with granite and stainless steel appliances. Kitchen, informal dining and family room all flow together. Vaulted ceilings in spacious living and dining room. Main floor laundry room. Convenient half bath on main floor. Open stairway to the second level. French doors lead to the Master Suite. Walk in closet, double vanity and tub/shower. Three spacious bedrooms with abundant closet space. Full guest bath. This is the one!

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/!


$721,000 :: 21634 S 158TH Street, Gilbert AZ, 85298

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4 beds, 3 baths
Home size: 3,558 sq ft
Lot Size: 54,450 sq ft
Added: 11/18/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5848589
Community: County Island - NO HOA
Tract: County Island - NO HOA
Status: Active


Hard-to-find 1.25 ACRE horse property in the heart of South Gilbert. Main home includes 3 bedrooms, 2 baths, office, family room, and large kitchen-dining area. Pantry has ''private'' access to oversized annual pantry. Master bathroom has walk-in shower and slipper tub. BUTCHER BLOCK island and energy efficiency features. 8 security cameras. Detached CASITA was used as office with conference room, but can add closet easily...includes kitchenette. 40' shade stall area, currently used as chicken coop but can go back to being horse stalls. Separate pasture with double access gates. Large1,500 sq ft RV garage/workshop with (2) roll up doors. Amazing pool includes slide/grotto cave waterfall and travertine pavers. Outdoor firepit, horse shoe pit, and artificial turf just off patio.

Listed with Anglin Properties 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/!


$234,900 :: 1568 S JACANA Lane, Gilbert AZ, 85296

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3 beds, 2.5 baths
Home size: 1,375 sq ft
Lot Size: 3,484 sq ft
Added: 11/17/18, Last Updated: 11/18/18
Property Type: Single Family
MLS Number: 5848553
Community: GARDENS PARCEL 2
Tract: GARDENS PARCEL 2
Status: Active


Welcome home! End unit with two car garage, three bedrooms, two and a half baths, and a loft! Amazing location close to shopping and the 202 freeway in Gilbert's Gardens community. This beautiful home features new carpeting, beautiful kitchen with new stainless stove, dishwasher and microwave. Designer two-tone paint throughout. Master suite has walk in closet and double sinks. Private side yard has paver patio and turf area. Community features include three pools, basketball courts, playgrounds and more! Front yard maintence of large green belt front yard included.

Listed with HomeSmart Lifestyles


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


$335,000 :: 1214 E HEATHER Avenue, Gilbert AZ, 85234

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4 beds, 2 baths
Home size: 2,060 sq ft
Lot Size: 7,405 sq ft
Added: 10/10/18, Last Updated: 11/17/18
Property Type: Single Family
MLS Number: 5829996
Community: STONECREEK TWO LOT 232-382 TR
Tract: STONECREEK TWO LOT 232-382 TR
The price of this listing was last reduced on 11/17/2018 by 1%
Status: Active


BEAUTIFULLY UPGRADED 4 bed, 2 bath w/pool. Very safe neighborhood with fantastic schools and a quick walk to Freestone Park! This fantastic home offers vaulted ceilings, formal living room with cozy fireplace, formal dining, and upgraded finishes throughout. The lovely kitchen possess matching appliances, pantry, tile countertops, island, and breakfast area..all upgraded! The master suite features a lavish bath, his & her sinks, soaking tub, step-in shower, and spacious walk-in closet. You will love the stunning backyard which includes covered patio, ramada, and sparkling blue pool perfect for entertaining. This wonderful house is exactly what you have been looking for! Single-levels with a pool in central Gilbert don't last long. Schedule a showing today!

Listed with Carvalho 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/!


$1,050,000 :: 2471 E ROBIN Court, Gilbert AZ, 85296

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5 beds, 5 baths
Home size: 4,420 sq ft
Lot Size: 20,473 sq ft
Added: 10/19/18, Last Updated: 11/17/18
Property Type: Single Family
MLS Number: 5836078
Community: TH RANCH
Tract: TH RANCH
The price of this listing was last increased on 11/17/2018 by 7%
Status: Active


Live the ultimate lifestyle in this exquisite Tuscan inspired single story home located in prestigious gated TH Ranch. This superior built home was designed to be elegant yet comfortable, sophisticated yet functional, with incredible attention to detail. Volume ceilings & upgraded flooring grace this home with timeless style. Enjoy a breathtaking master suite with gorgeous spa like bathroom. Additional Master Bedroom plus 3 large secondary bedrooms, 5 full baths, breakfast area, large open family room with beautiful woodwork and stone fireplaces, game room/media room and well appointed office. The incredible Gourmet kitchen allows for effortless entertaining and offers solid wood cabinets, Luxury Viking appliances, rich granite counter tops, gas cooking, double wall oven, a huge island w/

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/!


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