Preparers of Reserve Study: Professional Engineer Vs. Reserve Specialist
In New Jersey, cooperatives and homeowners’ associations (HOAs) are required by law to conduct a reserve study every five years. This requirement, set by the newly ratified NJ law S2760, aims to preserve the structural integrity of buildings and help prevent accidents like the collapse of the Champlain Towers South.
A reserve study New Jersey involves evaluating a property’s physical condition, identifying potential issues with its systems, and forecasting the financial resources needed for future repairs. It aims to maintain a sufficient reserve fund for long-term property upkeep.
To conduct this study, associations can choose between a professional engineer or a reserve specialist. Professional engineers, particularly licensed structural engineer NJ, are highly skilled in applying...