What does an update reserve study without on-site inspection usually provide?

An update reserve study without on-site inspection typically focuses on providing a predictive analysis of future funding needs for a community or association. This type of reserve study reviews the financial situation of the association, considering the current reserve funds and anticipated future expenses related to the maintenance and replacement of common area components.

By examining past spending patterns and existing reserve balances, the study projects how much money will be needed to maintain the community's assets over time. It emphasizes calculating the necessary funding to ensure that the reserve fund remains robust enough to cover future repairs or replacements as they arise, supporting the financial health of the community in the long run.

A complete valuation would generally require more comprehensive methods, including on-site inspections to assess the condition and value of physical assets. Likewise, while a review of past expenses might offer insight into how funds have been managed historically, it does not help predict future needs without considering current data. A simple cost estimate would imply a less detailed approach and wouldn't provide the thoroughness required for assessing future funding needs effectively.