Here are five reasons why your Association should keep its Reserve Study and Structural Integrity Reserve Study (SIRS) current:
1. Replacement costs don’t stand still
Construction, labor, and permitting costs in South Florida rise quickly. An estimate that looked accurate five years ago may now be tens of thousands of dollars off. Without an updated Reserve Study, your Association could be budgeting with outdated numbers that no longer reflect today’s reality.
2. Building conditions change
Even if your last study showed strong useful life estimates, things can shift. Roofs age faster than expected, concrete restoration can uncover hidden deterioration, and elevators may require earlier modernization. A Reserve Study update ensures the plan aligns with your property’s current condition.
3. Deferred maintenance accelerates costs
Relying on an outdated study often leads boards to postpone projects. While that may feel like savings in the short term, it usually shortens the useful life of components and results in larger, unavoidable repair bills later. Preventive planning is always less costly than deferred maintenance.
4. Compliance is now a factor
Florida law requires certain condominium associations to complete and maintain a Structural Integrity Reserve Study (SIRS). Falling behind doesn’t just put your community at financial risk – it can also expose the board to compliance and liability concerns. You can read more about national Reserve Study standards at the Community Associations Institute (CAI).
5. Owners want predictability
Surprise special assessments are one of the quickest ways to frustrate owners and damage trust in the board. Regular Reserve Study updates help boards set realistic budgets, maintain steady contributions, and reduce the chance of emergency assessments.
The bottom line: Updating your Reserve Study isn’t just a box to check. It’s a way to protect property values, ensure compliance, and keep your condominium financially stable. A current study provides accurate numbers, defensible plans, and peace of mind that your Association won’t be caught off guard by major repair costs.
If it’s been more than three years since your last update – or if your property has undergone significant repairs or cost changes – now is the time to schedule a Reserve Study update in South Florida.