Many associations find property maintenance and replacement of common elements challenging due to limited budgets and administrative challenges. Even though delayed repairs and replacements are unavoidable, failing to address them for an extended period can result in costly reconstructions and even life-threatening situations.
The Champlain Towers collapse continues to haunt many communities years after it happened. Today, it is a reminder of the significance of proper maintenance and repair planning, especially in residential buildings. One initiative that can help associations safeguard the long-term integrity of their buildings is a reserve study.
The NJ reserve study is primarily a budgeting tool that can help property owners make informed decisions about major capital projects and investments. While association boards have professional managers or volunteers who have engineering, construction, and accounting skills, proper qualifications are still required to conduct a New Jersey reserve study. It is important to enlist the assistance of a professional equipped with sufficient knowledge in building inspection, evaluation, and reserve budgeting.
A reserve study can only be conducted by a qualified reserve specialist or an experienced engineer. A reserve specialist (RS) is a title designated to someone with specialized experience in reserve studies. These professionals are certified by the Community Associations Institute (CAI) and have a degree in engineering, architecture, or construction management. They have completed at least 30 reserve studies within two years and comply with the Professional Reserve Specialist Code of Ethics.
On the other hand, a professional engineer is an individual who is licensed and has completed a degree from an accredited engineering program. They can provide a more in-depth technical evaluation of a building’s overall condition, especially for aging properties and condominiums. Specializing in building inspections, condition assessments, and valuation estimates, a structural engineer can make sure that the buildings and infrastructure are safe for everyone.
By hiring qualified professionals, associations can conduct a reliable reserve study that complies with the newly ratified NJ S2760. Adhering to this law pushes associations and condominiums to plan for future repairs and replacements to maintain the structural integrity of New Jersey buildings.
Learn more about reserve studies and NJ S2760 with this infographic by Lockatong Engineering.
