The Laurels
Spotsylvania, Virginia

The Condo and POA Acts of Virginia require that all Associations perform a reserve study at least once every 5 years, and that they re-visit the results of that study at least once every year. The goal of a reserve study is to show a breakdown of all of the long-term maintenance needs of the HOA and provide a financial estimate of an amount to be collected from the owners each month (year) so that there will be unexpected special assessments for maintenance in the future. If an HOA has no reserve study, that's generally a warning sign that the HOA Board is not keeping track of reserves and maintenance responsibilities like they should be. If you do obtain a reserve study, then you can compare the findings in that reserve study with the financial records of the Association to see if they are staying "on track" with how much they're supposed to be collecting, saving, and spending each year.​​​​​​​​​​​​