Ohio reserve study questions

No. Ohio requires reserves, not a study. Section 5311.081 says a condominium budget must include an adequate reserve for major capital items unless owners waive it, and section 5312.06 sets a similar rule for planned communities. A study is how most boards show that their reserve line is adequate.

The board cannot waive them by itself. Under 5311.081 the waiver comes from owners exercising a majority of the voting power, and it covers one year. How the vote is taken (meeting, ballot or consents) depends on your declaration, so check with the association's attorney first.

Ohio sets no interval. CAI's National Reserve Study Standards treat a study as current for about three years, with a site visit at least every few cycles. A practical rhythm is a full study, then an update every two to three years, alternating with and without a site visit.

Plan on six to twelve weeks from the day you sign a proposal to a draft you can use. Booking the site visit takes two to four weeks, and writing the report another four to eight. Ordering in late summer for a fall budget is the most common timing mistake.

For a full study with a site visit, about $1,500 for a small townhome association up to $20,000 or more for a large or high-rise community. Updates cost less. See how much a study costs for the table.

Some summaries of Ohio law mention 10 percent of the budget as a minimum for condominiums. The section text does not state that figure, so treat it as unconfirmed and ask the association's attorney. Either way, a percentage is not a plan: the study tells you what your buildings actually need.

Check who will sign the report and what training they hold: CAI awards a Reserve Specialist designation and APRA a Professional Reserve Analyst one. Bring in an engineer for structures or facades that need one. Ask for a sample report, the levels of service they offer, and whether the price includes a meeting with the board.

The declaration and bylaws, the current budget and reserve balance, a list of capital work done with dates and costs, any prior study, and building drawings or a site plan. Name one board member as the contact for access.

Yes. Fannie Mae's condo project review asks whether the budget sets aside at least 10 percent for reserves, or whether a recent reserve study supports a lower figure. A current study helps owners who sell or refinance.