Managing property maintenance and replacing building components can be difficult, especially when faced with limited budgets and administrative challenges. While delayed repairs and replacements are unavoidable, leaving them unaddressed for a long period may result in costly reconstructions. Moreover, it can also lead to life-threatening accidents, such as the collapse of the Champlain Towers South condominium in 2021.
Proper planning for asset maintenance and repairs is important, particularly for the safety of residential communities. Avoiding disastrous collapses can start with undertaking a reserve study New Jersey, a tool that forecasts how much money is needed for timely improvements and replacement of capital assets.
While primarily a budgeting tool, a reserve study NJ can help make capital projects and investment decisions. It involves assessing the physical condition of building components and infrastructure. This evaluation may also encompass potential repair and replacement needs, as well as budgeting and scheduling.
Reserve studies are now required for constructing or renovating certain multi-family and cooperative buildings in New Jersey. This stipulation is provided in the newly ratified NJ S2760, which seeks to establish the structural integrity of buildings in the state.
A qualified reserve specialist and a professional engineer can conduct a reserve study for properties and buildings. The reserve specialist (RS) title is given by the Community Associations Institute (CIA) to an individual with specialized experience in reserve studies. They also have a degree in engineering, architecture, or construction management and have completed at least 30 reserve studies within two years.
Meanwhile, a professional engineer (PE) is licensed and has a degree from an accredited engineering program. These experts provide a more in-depth and technical assessment of a property’s individual components and overall condition. PEs are ideal if a more nuanced evaluation is needed, which is necessary for aging properties and condominiums.
Hiring qualified professional engineers and reserve specialists can help associations plan for future building repairs and replacements. Their skills, knowledge, and experience enable them to provide comprehensive inspections that benefit communities in the long run.
For more details about the qualified preparers of reserve studies, read this infographic by Lockatong Engineering.