Reserve Study South Florida: What You Should Know
In South Florida, properly funding future repairs is more than just good practice – it’s the law. Whether you’re a property manager or a board member, a Reserve Study is one of the most important financial planning tools available to your condominium association.
But what exactly is a Reserve Study – and how can it help you meet both your fiduciary duties and Florida’s new statutory requirements?
What Is a Reserve Study?
A Reserve Study is a long-term capital planning report that evaluates the major common elements of your property – such as roofing, painting, pavement, and structural systems – and estimates their future repair and replacement costs. Based on this analysis, the study provides a funding plan to help ensure adequate reserves are available when those projects come due.
In short: It answers the question, Will we have enough money when we need it?
Why Are Reserve Studies Critical in Florida?
Since the 2022 reforms to Florida Statute §718.112(2)(g), all residential condominiums three stories or more must complete a Structural Integrity Reserve Study (SIRS) at least every 10 years. Starting with budgets adopted after December 31, 2024, these communities can no longer waive reserves for structural components like roofing, waterproofing, fire protection, and electrical systems.
That means every qualifying association must:
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Evaluate these components via a visual inspection
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Estimate their remaining useful life and replacement cost
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Maintain reserves based on the SIRS findings
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Use those reserve funds only for the components listed in the study
Associations that do not comply risk breaching their fiduciary duties – and exposing residents to costly special assessments.
What’s Included in a Reserve Study?
At a minimum, a professional Reserve Study includes:
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A component inventory and condition assessment
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Life expectancy and cost estimates
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A review of current reserve balances
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Funding projections under different strategies (Baseline, Threshold, or Full Funding)
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Compliance with Florida statutory requirements, if applicable
In Florida, a full Reserve Study often includes two parts:
Structural Integrity Reserve Study (SIRS) – for code-mandated structural and life-safety elements
Building & Improvements Reserve Study (BIRS) – for all other major components (e.g., elevators, pools, asphalt, fencing, etc.)
When both are combined, the result is a comprehensive financial planning tool – often referred to as a Full Reserve Study.
High angle view of a modern South Florida condominium complex
How Often Should a Reserve Study Be Updated?
Generally, the best practice is to update your study every three years, and more frequently when there are major repairs or cost changes. Updates can typically be done off-site using current records, making them cost-effective and easy to complete.
Who Should Perform a Reserve Study?
Florida law requires that the visual inspection for a SIRS be performed or verified by:
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A Florida-licensed engineer or architect, or
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A credentialed Reserve Specialist or Professional Reserve Analyst
At Criterium-Cromer Engineers, all studies are overseen by a Florida-licensed Professional Engineer (P.E.), ensuring technical accuracy, defensibility, and compliance with the law.
Ready to Plan Ahead?
A well-prepared Reserve Study helps your board make smart financial decisions – reducing the risk of surprise costs, owner frustration, or regulatory problems. It also demonstrates your community’s commitment to proactive, responsible governance.
If your association’s Reserve Study is more than three years old – or if your SIRS deadline is approaching – now’s the time to act.
Serving condominiums across Miami-Dade, Broward, and Palm Beach counties, Criterium-Cromer Engineers specializes in Reserve Studies and SIRS for South Florida communities.