Reserve Plus

Reserve Fund Study Providers, Plans, and Reports As of January 1, 2020, a study fund provider must be a person who is: A professional Engineer A professional Technologist... A registered Architect A certified Reserve planner accredit by the Real Estate Institute of Canada Though professional qualifications are required of these individuals, the Reserve Fund Study providers must also be knowledgeable of the condominium property history and experiences whilst understanding the cost and time associated with replacing or maintaining the property. Further information, qualifications, and updates of the Condominium Act can be found here: https://hubs.li/H0FFKZt0

Reserve Plus now offers reserve fund studies to across Alberta. Cities that we now offer our services to include: Calgary Edmonton Red Deer... Lethbridge Medicine Hat Grande Prairie Fort McMurray Canmore Airdrie Reserve Plus is the developer of the industry leading reserve fund technology, myRPlanner. https://hubs.li/H0DVKGW0

Why have a Reserve Fund? The Condominium act enforces that all condo boards have a reserve fund to protect against budget issues. The reserve fund sets aside money for repairs and replacements. Some of the repairs that the reserve fund may cover are: Replacing and repairing roofs... HVAC system repairs Exterior and interior painting Generator replacements Walkway improvement As a building or condo ages, it requires renewal projects to keep it up for maintenance. Therefore, it is always a good idea to ensure that there is sufficient amount of funds. https://hubs.li/H0DVLGJ0

All condominium corporations require a reserve fund study. What are the consequences for having a poor or out-of-date reserve fund study? The following are several consequences for all condominium stakeholders: ... Negative impact on property sales when selling unit Unrealistic life expectancies or budget estimates Insufficient funds for repairs or replacements of common elements, necessitating a large increase in reserve fund contributions or even special assessment Risk of long-term term durability of property Condominium boards across Canada should have qualified consultants to assist in the reviewal and reporting of reserve funds. The importance cannot be understated. https://hubs.li/H0DCTyK0

Though it is reported under the condominium act to review and or update your reserve fund every 3 to 5 years, many condominium owners should look into reviewing it more frequently rather than 3-to-5-year updates as required. REMI Networks article discusses how a reserve fund study can be misinterpreted or misused. https://hubs.li/H0DCRRT0