Companies offering reserve studies for condo boards

Last updated 2026-07-25

what is a reserve study

A reserve study is a written report that looks at every major shared component in a building (roof, paving, painting, elevators, structural elements, plumbing risers, pool equipment) and estimates two things: how much life each component has left, and how much it will cost to replace or repair when it wears out. The output is a funding plan, usually a 20 to 30 year table showing what the association should be setting aside each year so it has cash on hand instead of scrambling for a special assessment. Most studies have two parts. The physical analysis is a site inspection where someone documents condition, age, and remaining useful life of each component. The financial analysis takes those numbers and models contribution levels against a chosen funding method (full funding, threshold funding, or baseline funding are the common approaches used in the reserve study industry). For Florida condos in buildings three stories or higher, a specific subset of this work is now a legal requirement, more than a good idea. Florida Statute 718.112(2)(g) requires associations to complete a Structural Integrity Reserve Study (SIRS) covering the structural and life-safety components listed in the statute, load-bearing walls, primary structural members, roof, fireproofing, electrical systems, plumbing, waterproofing, and a few others ^[1]. This is narrower than a full traditional reserve study but it drives mandatory, non-waivable reserve funding for those items starting with fiscal year 2025 budgets ^[1]. For background on how this fits into the broader reserve picture, see reserve study.

what is a reserve study for an hoa

For a homeowners association, a reserve study works the same way conceptually, but the legal requirements differ from condos. Florida's HOA reserve rules live in Chapter 720, not 718, and historically gave associations more flexibility to waive or reduce reserve funding by member vote. Chapter 720 does not currently impose the SIRS mandate that applies to condominiums under 718.112; that requirement is specific to condominium buildings three stories and up. That said, plenty of HOAs commission voluntary reserve studies anyway, especially ones with shared structural components like clubhouses, gated entries, or multi-story buildings that function like condos in practice. A good HOA reserve study covers the same categories: roofs, roads, amenities, drainage, and painting cycles, with a funding schedule tied to the association's actual reserve account balances. The practical difference for boards: an HOA board deciding whether to fund reserves fully, partially, or minimally is making a policy choice subject to its governing documents and member vote, where a condo board covering SIRS components no longer has that option. Boards in mixed portfolios (managing both condo and HOA properties) need to keep straight which statute governs which building. See hoa reserve study for more on how these studies get scoped for HOA-specific components.

what is an hoa assessment and what is a special assessment

An HOA assessment (sometimes just called "assessment" without the HOA prefix, same thing) is the recurring fee owners pay to fund the association's operating budget and reserves. It's the HOA equivalent of a mortgage payment obligation, except it's tied to your deed and enforceable through liens. Most declarations set assessments monthly or quarterly, and boards adjust the amount annually based on the approved budget. A special assessment is different: it's a one-time or short-term additional charge levied outside the regular budget, usually because reserves came up short for an unexpected or underfunded expense. Roof replacement after a storm, a failed elevator, a structural repair flagged during a milestone inspection, these are the classic triggers. Special assessments are legal and common, but they're also the single biggest source of owner anger and board turnover in Florida associations, largely because reserve studies weren't done, weren't followed, or were done years ago and never updated. The direct link between the two: a well-funded reserve account, built off an accurate reserve study, is what prevents most special assessments. When boards skip studies or underfund based on stale numbers, the gap eventually shows up as a special assessment bill in someone's mailbox. For a full breakdown of how these are levied and disputed, see hoa special assessment.

how much should an hoa (or condo) have in reserves

There's no single dollar figure or percentage that regulators mandate as a universal reserve target; the right number depends entirely on the building's age, component inventory, and the reserve study's funding schedule. What Florida law does mandate, for condos in buildings 3+ stories, is that reserves for SIRS components can no longer be waived or underfunded starting with the first fiscal year budget adopted on or after December 31, 2024, per Fla. Stat. 718.112(2)(f) and (g) ^[1]. A rough industry rule of thumb some reserve professionals use is that a well-funded association should be at 70% or higher of "full funding" (the theoretical 100% funded position where the reserve balance exactly matches the accumulated depreciation of all components). Associations below 30% funded are generally considered at high risk of a special assessment. These aren't statutory thresholds, just widely cited practitioner benchmarks from the reserve study industry (Community Associations Institute and reserve study firms use similar bands), so treat them as a gut check rather than a legal standard. The more useful exercise for a board: pull your last reserve study, compare current reserve account balances against the schedule's recommended contribution for this year, and see the gap. If there's no recent study, or the study predates the SIRS requirement, that's the first problem to fix, not the funding percentage.

how much does a reserve study cost

Cost depends heavily on building size, number of components, and whether you're getting a full traditional reserve study or a SIRS-only scope. Rough ranges reported across the reserve study industry: a basic study for a small condo (under 50 units) with a limited component list often runs $2,500 to $5,000. Mid-size buildings (50-200 units) with more complex structural and mechanical systems commonly land in the $5,000 to $12,000 range. Large or high-rise coastal buildings, especially those needing a licensed engineer's structural assessment for SIRS components, can run $10,000 to $25,000 or more. SIRS itself must be performed or supervised by a licensed engineer or architect under Fla. Stat. 718.112(2)(g)2 ^[1]. That licensure requirement is part of why SIRS-inclusive studies often cost more than a generic financial-only reserve projection: you're paying for a professional who can legally sign off on structural condition, more than a reserve analyst tallying replacement costs from a spreadsheet. A few cost variables worth asking about upfront: does the quote include a full site walk of every unit interior or just common areas and building exterior? Is drone or invasive testing included if the inspector needs to check waterproofing or concrete spalling? Does the fee cover a full 30-year update or a lighter interim review? Get an itemized quote, not a flat number, so you know what triggers extra charges.

who actually performs reserve studies and sirs in florida

Florida doesn't have a state license specifically called "reserve specialist" or "reserve study provider." Instead, boards are working with a mix of professionals depending on the scope. Traditional financial reserve studies are often prepared by reserve study firms staffed with credentialed analysts (some hold the Community Associations Institute's Reserve Specialist, RS, or Professional Reserve Analyst, PRA, designations), engineers, or CPAs with reserve planning experience. For the SIRS specifically, the statute requires the inspection portion be performed by a licensed engineer or architect ^[1]. That's a hard legal requirement, not a preference. Boards should confirm any firm doing SIRS work is either employing licensed engineers/architects directly or subcontracting that portion to one, and should verify the individual's license status through the Florida Department of Business and Professional Regulation (DBPR), which maintains licensing records for engineers and other regulated professions. A milestone inspection, the separate structural safety inspection required for older buildings under Fla. Stat. 553.899, also must be performed by a licensed architect or engineer ^[2]. Some firms bundle milestone inspection and SIRS work together since both require similar structural expertise and site access, which can save on scaffolding, drone, or site-visit costs if scheduled together. Boards should ask directly whether a quote assumes coordinated scheduling with a milestone inspection, since doing them separately often means paying for site access twice.

how do boards choose between reserve study companies

There's no state-run directory ranking reserve study firms by quality, so vetting falls entirely on the board (or the manager acting on the board's behalf). A few concrete things worth checking before signing a contract: License verification. If SIRS work is part of the scope, confirm the engineer or architect of record is actively licensed through DBPR's license search. Don't take a company's word for it; the DBPR lookup is free and takes under a minute. Sample reports. Ask for a redacted sample of a completed SIRS or reserve study for a comparable building (similar age, height, coastal exposure). A vague or generic-looking report is a red flag; a good one names specific components, gives remaining useful life estimates with reasoning, and shows a clear funding table. Scope in writing. Get the component list, inspection methodology (visual only vs. invasive testing), and deliverable format specified in the contract, more than verbally described. Ask what happens if the engineer finds something requiring further investigation mid-inspection, does that trigger a change order? Timeline and availability. Since the SIRS deadline created a wave of demand across Florida, some firms have backlogs stretching months. Get a firm inspection date in writing, more than a target quarter. Insurance and liability. Confirm the firm carries professional liability (errors and omissions) insurance, standard for engineering firms but worth asking directly. Boards juggling multiple deadlines, SIRS, milestone inspection, budget season, often lose track of who's doing what and when reports are due. That's less a company-selection problem and more an organizational one, and it's exactly the gap a structured compliance calendar closes; the $199 one-time Building-Specific Board Compliance Kit at /board-kit-builder builds a schedule around your building's age, height, and county so nothing slips between the reserve study, the SIRS, and the milestone inspection deadlines. It doesn't replace the licensed professionals who do the inspection work; it organizes the deadlines and communications around them.

are hoa special assessments tax deductible

Generally, no, not for the individual owner paying them, and not in the way most people hope. The IRS treats regular HOA assessments and special assessments for capital improvements (new roof, repaved parking lot, structural repair) as a nondeductible personal expense for an owner-occupied primary residence, similar to how routine home maintenance isn't deductible. There are narrow exceptions. If the unit is a rental property, special assessments for repairs may be deductible as a rental expense, and assessments for capital improvements may be added to the property's cost basis and depreciated, per general IRS rules on rental property expenses and improvements (IRS Publication 527 covers residential rental property expense treatment) ^[3]. If part of the assessment funds a casualty-loss-related repair (say, storm damage) there can be narrow casualty loss deduction rules too, though the Tax Cuts and Jobs Act limited personal casualty loss deductions to federally declared disaster areas through 2025 ^[4]. This isn't tax advice and boards shouldn't try to characterize assessments for owners' tax purposes. Anyone facing a large special assessment bill should talk to a CPA about their specific situation, especially if the unit is a rental, before assuming either full deductibility or none at all.

how does a reserve study connect to milestone inspections and sirs deadlines

These are three related but legally distinct requirements, and boards often conflate them, which causes scheduling chaos. The milestone inspection (Fla. Stat. 553.899) is a structural safety check required for condo and cooperative buildings three stories or more, due by the building's 30th year (25th if within three miles of the coast), and every 10 years after ^[2]. It answers: is the structure currently safe? The SIRS (Fla. Stat. 718.112(2)(g)) is the reserve study covering structural and life-safety components, required for the same building population, and it answers: is the association saving enough to maintain those components long-term? The statute requires SIRS be completed by December 31, 2024 for existing buildings meeting the height and age threshold, then every 10 years after ^[1]. A traditional reserve study, covering everything from paint to pool pumps, isn't currently mandated by Florida statute the way SIRS is (SIRS covers only the structural/life-safety subset), but many boards commission a full study anyway so they have one coherent capital plan instead of two disconnected documents. Doing all three, milestone inspection, SIRS, and a full reserve study, through coordinated scheduling (even if different firms perform each) tends to save money on site access and keeps the board from discovering conflicting numbers in different reports. For details on how reserve fund flexibility has shifted recently, see florida condo reserve fund relief.

what happens if a board skips or delays the reserve study

For SIRS specifically, skipping it isn't really an option anymore for qualifying buildings; it's a statutory requirement with a completed deadline, not a recommendation. Associations that fail to complete SIRS face potential enforcement action, and lenders, insurers, and title companies are increasingly asking for proof of SIRS completion and current reserve funding status before closing sales or renewing coverage, since these documents are now part of standard due diligence in Florida condo transactions. For a full voluntary reserve study (the non-SIRS components), there's no direct statutory penalty for not having one, but the practical cost shows up later as a special assessment when a roof or major system fails without funds set aside. Boards that skip studies to save a few thousand dollars often end up authorizing assessments in the tens of thousands per unit a few years later when something breaks. That's not a hypothetical, it's the standard pattern that led legislators to tighten the SIRS rules after the Champlain Towers South collapse in Surfside in 2021, the event that directly prompted the 2022 and 2023 legislative reforms to Chapter 718 ^[1]. Boards that are behind should prioritize getting the SIRS done first (it's the legal deadline with real exposure), then use that report as the starting foundation for a broader reserve study covering non-structural components.

what should the reserve study report actually include

A complete reserve study, or SIRS report, should give the board more than a single funding number. At minimum, expect: a full inventory of covered components with age and condition notes, remaining useful life estimates for each, current replacement or repair cost estimates, current reserve fund balance by component or in aggregate, and a recommended annual contribution schedule for at least the next 10 to 30 years depending on scope. For SIRS specifically, Fla. Stat. 718.112(2)(g) requires the report identify each required structural and life-safety component, state the estimated remaining useful life and estimated replacement cost or deferred maintenance cost, and provide a recommended annual reserve amount necessary to fully fund that component by the end of its useful life ^[1]. The statute is explicit that reserves for these SIRS components "may not be waived or reduced" after the study is completed for the applicable fiscal year budget ^[1], a change from the pre-2022 rules where full membership votes could waive reserve funding almost entirely. Ask your firm whether the deliverable includes a plain-language executive summary for owners, more than an engineering table. Owners voting on budgets or facing a special assessment deserve to understand the reasoning, more than the number, and a report that only an engineer can parse tends to fuel distrust at annual meetings.

Frequently asked questions

What is a reserve study?

A reserve study is a professional assessment of a building's major shared components (roof, structure, mechanical systems, paving) that estimates remaining useful life and replacement cost, then builds a funding schedule so the association saves enough over time. In Florida, condos 3+ stories must complete a Structural Integrity Reserve Study (SIRS) covering structural and life-safety items under Fla. Stat. 718.112.

What is a reserve study for an HOA?

For an HOA, a reserve study covers shared components like roads, clubhouses, pools, and drainage, projecting replacement costs and recommending annual contributions. Florida's Chapter 720 (HOAs) doesn't currently impose the SIRS mandate that applies to condo buildings under Chapter 718, so HOA reserve studies remain largely voluntary, though many boards do them anyway to avoid special assessments.

What is an HOA assessment?

An HOA assessment is the recurring fee owners pay, usually monthly or quarterly, to fund the association's operating budget and reserve accounts. It's set annually by the board based on the approved budget and is enforceable through liens if unpaid, similar to how property tax delinquency works.

What is a special assessment and how does it differ from a regular assessment?

A special assessment is a one-time or short-term charge outside the normal budget, usually triggered by an unexpected repair or an underfunded reserve account, like a roof failure or a structural repair flagged during a milestone inspection. Regular assessments fund ongoing operations; special assessments cover gaps a reserve study should have anticipated.

How much should an HOA or condo have in reserves?

There's no single legal dollar target; it depends on your building's specific component inventory and reserve study schedule. Practitioners often use 70%+ funded (relative to full theoretical funding) as a healthy benchmark and under 30% as high-risk, but these are industry rules of thumb, not statutory thresholds. Florida condos must fully fund SIRS components starting with FY2025 budgets under Fla. Stat. 718.112.

How much does a reserve study cost in Florida?

Costs generally range from $2,500 to $5,000 for smaller condos, $5,000 to $12,000 for mid-size buildings, and $10,000 to $25,000+ for large or complex high-rises requiring licensed engineer involvement for SIRS. Get an itemized quote specifying whether interior unit access, invasive testing, and a full 30-year schedule are included.

Are HOA special assessments tax deductible?

Generally no for an owner-occupied primary residence; the IRS treats them as a nondeductible personal expense, similar to routine home maintenance. For rental properties, repair-related assessments may be deductible and capital-improvement assessments may be added to cost basis and depreciated under IRS rules in Publication 527. Talk to a CPA about your specific situation.

Who is legally required to perform a SIRS in Florida?

Fla. Stat. 718.112(2)(g) requires the Structural Integrity Reserve Study's inspection be performed by a licensed engineer or architect. Boards should verify the individual's active license through the Florida Department of Business and Professional Regulation before signing a contract.

Is a traditional reserve study the same thing as a SIRS?

No. SIRS is a narrower, statutorily required study covering only structural and life-safety components (roof, load-bearing walls, plumbing, electrical, waterproofing, fireproofing, and similar items) listed in Fla. Stat. 718.112. A traditional reserve study covers everything, paint, pool equipment, landscaping, and isn't currently mandated the same way.

What happens if a condo association doesn't complete its SIRS on time?

The building faces potential statutory noncompliance and enforcement exposure, and increasingly, lenders, insurers, and title companies ask for proof of a completed SIRS and current reserve funding before closing sales or renewing coverage. There's no grace period built into the statute; boards behind schedule should prioritize getting SIRS done immediately.

Can a condo association still waive reserve funding by member vote?

Not for SIRS-covered components. Fla. Stat. 718.112(2)(f) states reserves for structural and life-safety components identified in a completed SIRS may not be waived or reduced by membership vote once that budget year applies. Reserves for non-SIRS components may still be subject to waiver depending on the association's specific circumstances; confirm with counsel.

How often does a reserve study or SIRS need to be updated?

SIRS must be updated at least every 10 years under Fla. Stat. 718.112(2)(g). Traditional reserve studies are often refreshed every 3 to 5 years by practice, or sooner after a major repair, storm event, or significant cost changes, since replacement cost estimates and remaining useful life shift over time.

Does a milestone inspection replace the need for a reserve study?

No. A milestone inspection under Fla. Stat. 553.899 checks current structural safety at year 30 (or 25 near the coast) and every 10 years after. A reserve study or SIRS is a separate document projecting long-term funding needs. Both are typically required for the same qualifying buildings but answer different questions.

Sources

1. Florida Senate, Florida Statutes 718.112: SIRS requirement, scope, deadline, engineer/architect requirement, and waiver prohibition for structural reserve components
2. Florida Senate, Florida Statutes 553.899: milestone inspection requirement, timing at year 30 or 25 near coast, and licensed architect/engineer requirement
3. IRS, Publication 527, Residential Rental Property: tax treatment of repair expenses and capital improvements for rental property owners
4. IRS, Topic no. 515, Casualty, disaster, and theft losses: personal casualty loss deductions are limited to federally declared disaster areas under current law
5. Florida Legislature: Florida law specifies requirements related to structural integrity reserve studies (SIRS) for homeowners' associations operating condominiums
6. Florida Department of Business and Professional Regulation: The Florida DBPR Division of Condominiums, Timeshares, and Mobile Homes oversees condo association compliance including milestone inspections and reserve study requirements
7. IRS Publication 530: IRS Publication 530 explains tax rules for homeowners, including guidance on what home-related expenses and assessments are or are not deductible
8. Florida Legislature: Florida condominium law outlines board responsibilities and transition requirements relevant to reserve funding decisions