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Association board members & community managers

Manage your reserve study easily

Prevent dreaded special assessments by automating your reserve study management with AI.

What are reserve studies & special assessments?

Reserve studies are financial plans that identify future repair costs for your community's assets, ensuring compliance. HOA special assessments are unexpected fees added to your regular dues. They cover costly, unforeseen repairs or improvements. Planning ahead with a reserve study helps avoid these surprise costs.

Traditional reserve studies are static and quickly outdated. Solume AI transforms your HOA reserve study into a live, up-to-the-minute financial picture. It connects all your community data-budgets, vendors, everything—so you can always plan with the latest information.

Reserve studies, simplified.

The cost of traditional reserve studies can be substantial, requiring updates every few years. With Solume, you transform this financial burden into a strategic advantage. Our software allows continuous monitoring and adjustment of your community's financial sustainability, eliminating the need for costly, periodic studies.

Solume empowers your board to make informed, data-driven decisions, preventing special assessments and ensuring that your community's funds are invested where they matter most.

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Only solume integrates & transforms traditional reserve studies into dynamic reserve studies

Outdated reserve studies leave you in the dark, leading to costly surprises and ineffective planning. Only Solume seamlessly integrates reserve study data into your all-in-one HOA management platform.

Our unique feature provides real-time financial projections, allowing you to make informed decisions, avoid special assessments, and ensure your community's financial health.

Turn static reserve studies into real-time financial insights

Plan your HOA's future with confidence. Solume simplifies reserve study management.

Plan with confidence, not guesswork

Solume's AI-powered platform integrates your reserve study with real-time data, including your community assets, vendor costs, and operating budget. Updates happen instantly—no more guesswork or costly revisions.

Know exactly when to repair or replace

Traditional reserve studies provide static reports that become obsolete the moment any changes occur. Solume transforms your reserve study into an interactive dashboard that stays accurate and actionable.

Stay on top of your community's financial future

With always up-to-date, reliable financial projections, you'll always know what's coming and when. Make informed decisions, prevent special assessments, and keep your community financially secure.

Download our free reserve study ebook!

Learn how to avoid special assessments with our free complete guide to reserve studies for self-managed HOAs and condo associations.

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Dynamic reserve study vs. traditional reserve study

Solume transforms traditional reserve studies into dynamic reserve studies.

Solume Dynamic Reserve Study
Traditional PDF Reserve Study
Funding scenario explorer
Real time financial projections
Dynamic budget adjustments
Live expense tracking
Customizable reserve fund categories
Predictive maintenance planning
Instant board & resident access
Compliance-needed updates
Projected vs. actual cost tracking
Vendor procurement integration

Maximizing your community's financial health

With Solume, reserve studies are simplified, giving you the tools to avoid special assessments, stay in control, and ensure your community remains well-maintained and financially prepared for years to come.

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Related features

Explore what Solume has to offer

Budget

Budget

Gain full financial oversight with automated tracking, historical archiving, and seamless reporting—all in one place. Effortlessly create, update, and adjust budgets while ensuring transparency for your board and community.

Transactions

Transactions

Stay in control with real-time budget updates, expense tracking, and financial trend monitoring. Compare actual vs. projected costs, attach receipts, and share key reports with homeowners for total transparency.

Vendor procurement

Vendor procurement

Streamline vendor management by requesting quotes, tracking payments, and linking expenses to your budget. Keep contracts, invoices, and vendor history organized—all in one place.

Dues collection & tracking

Dues collection & tracking

Solume automates dues reminders and payments, allowing homeowners to pay via ACH or credit card. Board members get real-time updates on who's paid and who's behind, streamlining financial tracking and reducing awkward conversations.

Centralized communication

Centralized communication

With Solume's communication feature, board members can send updates, notices, and reminders directly to homeowners, keeping inboxes uncluttered. Manage and track communication in one place for clear, efficient community updates.

Maintenance management

Maintenance management

Plan, assign, and track maintenance tasks with Solume. Whether routine upkeep or urgent repairs, board members can delegate tasks to staff or committees, ensuring smooth operations and timely issue resolution.

ARC requests

ARC requests

Solume makes ARC requests easier by allowing residents to submit exterior change requests online. Board members can review, approve, or deny them in one place, keeping homeowners informed throughout the process.

Violation communication & tracking

Violation communication & tracking

Streamlines violation management by sending notifications and tracking cases in one platform. Enforce rules transparently with consistent actions like warnings, fines, or suspensions.

Centralized home & community member database

Centralized home & community member database

Solume centralizes member records, offering a clear, organized view of property and resident details. Board members can track decisions and data in one place, making management more efficient and transparent.

Frequently asked questions

What is a reserve study?

A reserve study is a detailed report that assesses the condition of a community's common areas and assets, such as roofs, pools, and landscaping. It estimates the costs of repairing or replacing these items over time and determines how much money should be set aside in a reserve fund to cover these future expenses.

What is a reserve study for an HOA?

A reserve study for an HOA (homeowners association) is specifically tailored to evaluate the common property and shared amenities within a community. It provides a financial plan for future repairs and replacements, helping HOAs to maintain their properties and avoid unexpected costs.

How often should a reserve study be conducted?

Industry standards recommend that a reserve study be conducted every 3-5 years. Regular updates ensure that the financial plan stays current with any changes in the community, such as new assets, wear and tear, or inflation.

What details are required for a reserve study?

A comprehensive reserve study requires details about the community's common areas, including current conditions, repair histories, and estimated life expectancies. It also considers financial details like current reserve fund balances and projected future costs.

What is the outcome of a reserve study?

The primary outcome of a reserve study is a funding plan that outlines how much money needs to be saved each year to cover future repair and replacement costs. This helps HOAs and condo associations maintain their properties without imposing special assessments on residents.

How much does a reserve study cost?

The cost of a reserve study can vary depending on the size of the community and the complexity of its assets. Typically, reserve studies can range from a few thousand dollars to tens of thousands. However, with Solume, you can integrate your reserve study data into our platform at no additional cost, ensuring continuous updates without the need for expensive, periodic studies.

Why are reserve studies important for condo associations?

Condo associations rely heavily on reserve studies to manage the upkeep of shared amenities like elevators, roofs, and HVAC systems. Without a proper reserve fund, the community risks unexpected expenses that could lead to special assessments or decreased property values.

Can Solume help manage our reserve study data?

Yes, Solume is designed to integrate reserve study data directly into your community's profile, making it a dynamic tool for financial planning. Unlike traditional reserve studies, which are static documents, Solume allows you to adjust your financial projections in real-time as your community's needs change.

What happens if our HOA or condo association doesn't have a reserve study?

Without a reserve study, your community may be unprepared for future expenses, leading to financial shortfalls, special assessments, or even legal challenges. A reserve study provides a roadmap for maintaining your community's assets and ensuring its long-term financial health.

How does Solume's reserve study feature differ from traditional reserve studies?

Solume's reserve study feature turns the traditional PDF report into a living, dynamic tool. As your community evolves and assets are maintained or replaced, Solume updates your financial projections automatically. This ensures that your reserve fund planning is always accurate and up-to-date, saving your community from unnecessary expenses and stress.

Do we need a professional to conduct a reserve study, or can we do it ourselves?

While some communities may attempt to conduct a reserve study in-house, it is generally recommended to use a professional due to the complexity of the analysis. Professionals provide an unbiased, expert assessment that ensures all necessary details are included. With Solume, however, once your initial reserve study is completed by a professional, our software helps you manage and update this information effortlessly.

How does a reserve study impact our HOA fees?

A reserve study provides a clear picture of future financial needs, which can help your board set appropriate HOA fees. By planning for future expenses, your community can avoid sudden fee increases or special assessments, leading to more stable and predictable budgeting.

Can Solume help with the financial aspects of reserve studies?

Absolutely. Solume's platform not only integrates reserve study data but also helps you manage your community's overall financial health. Our software offers tools for budgeting, expense tracking, and financial reporting, ensuring that your reserve fund is adequately maintained.

Are reserve studies required by law?

In some states and jurisdictions, reserve studies are required by law for HOAs and condo associations. Even where they aren't legally mandated, reserve studies are considered best practice for maintaining a community's financial health and avoiding potential legal challenges.

How can we update our reserve study information with Solume?

With Solume, updating your reserve study information is simple. As your community makes repairs or replacements, or as new assets are added, Solume allows you to adjust your data in real-time, ensuring your financial projections remain accurate and up-to-date.

Should my condo have a reserve study?

Regular condo reserve fund studies are crucial for maintaining financial health and sustainability. They prepare your community for future expenses and help avoid financial shortfalls. With Solume, your reserve fund study becomes a dynamic tool, integrated into your overall financial strategy. This ensures your community is always financially secure and prepared for what's ahead.