To this day, the collapse of Champlain Towers South, a 12-floor condominium in Florida, is considered one of the deadliest structural disasters in American history. This tragedy has become a vital reminder of the significance of regular property maintenance and evaluation.
Conducting a New Jersey reserve study can serve as a preventative measure to deter the recurrence of similar structural risks and incidents. A reserve study involves an in-depth analysis of a building to determine its structural needs. It is a form of assessment that provides detailed financial plans to sufficiently fund a property’s potential repairs, maintenance, and restorations.
A reserve study is now a requirement, particularly in residential and cooperative buildings in New Jersey, to establish the structural integrity of every building in the state. The newly ratified NJ Law S2760 mandates homeowners’ associations (HOAs) and cooperatives to execute a reserve study every five years. Failure to do so may nullify their certificate of occupancy, payment of fines, and the revocation of entitlements.
To remain compliant, associations must employ skilled experts in building inspection and reserve budgeting. Hiring authorized experts like professional engineers (PE) and reserve specialists (RS) is essential as they both have distinct roles that can meet a property’s needs.
A state-licensed PE provides an extensive technical assessment of a building’s condition. They comprehensively inspect the property’s physical components and overall structure. Apart from examining assets, PEs, like a NJ structural engineer, provide detailed inspection reports and recommendations for restorations and replacements.
On the other hand, RSs focus more on the financial aspects of property management. Hence, their qualification includes a completed degree in engineering, architecture, or construction management, and they must be certified by the Community Associations Institute (CAI).
A qualified RS also has years of expertise in reserve studies. They are skilled in evaluating and planning the allocation of reserve funds for property repairs and replacement. RSs can also create long-term budgetary plans that help associations to utilize their reserve funds efficiently.
Engaging with qualified experts like PEs and RSs enables cooperatives and associations to make informed decisions about their capital assets. PEs and RSs have distinct roles in keeping a property well-maintained in the long run. Choosing between depends on the specific situation and needs of an asset.
To learn more about the distinct qualities of PE and RS, read this infographic from Lockatong Engineering.