WHAT ARE THE THREE TYPES OF RESERVE FUND STUDIES?

An effective condo reserve fund is crucial for financial stability and property maintenance. The Condominium Property Act mandates reserve fund studies to assess major repairs and ensure adequate funding. Three types of studies are outlined: Class 1, a comprehensive initial study; Class 2, an update with a site visit every three years; and Class 3, an update without a site visit alternating with Class 2. Class 1 establishes a baseline, while Class 2 and 3 ensure the plan remains accurate over time. ABSI offers top-quality reserve fund study services for actionable planning.