Preparers of Reserve Study: Professional Engineer Vs. Reserve Specialist
Champlain Towers South collapse in Surfside, Florida, quickly became one of the deadliest structural failures in US history when it occurred on June 24, 2021. This tragedy served as a stark reminder to building developers of how crucial stringent maintenance and proactive structural evaluations are.
Consequently, most properties are now required to have a reserve study NJ. This study is mainly focused on setting a budget for possible repair and restoration projects. A reserve study is especially vital for establishing maintenance planning in residential properties, such as condominiums. These properties need comprehensive long-term upkeep and financial planning to maintain their structural integrity.
A New Jersey reserve study involves assessing the physical condition of common elements and infrastructure, determining the property’s repair and replacement needs, and budgeting and scheduling these activities. Under the new NJ law S2760, cooperatives and homeowners associations (HOAs) are mandated to conduct a reserve study every five years. This legislation aims to preserve the structural integrity of state buildings and prescribes that these entities maintain an adequate reserve fund for the maintenance of their real estate.
Failure to comply with NJ S2760 can lead to serious repercussions, including the cancellation of the Certificate of Occupancy by municipal offices. Operating without this certification is not only illegal but also subject to fines and loss of protections and entitlements.
Despite being a requirement, its preparation can be complex and necessitates professional assistance. Professional engineers and reserve specialists possess the expertise needed to manage and execute a reserve study effectively.
A credentialed Reserve Specialist (RS) is certified by the Community Associations Institute (CAI) and has specialized experience in reserve studies. They typically hold degrees in engineering, architecture, or construction management and have completed the required number of reserve studies to maintain their certification. Their priority is on financial modeling and planning for major repairs and replacements.
On the other hand, a professional engineer mainly focuses on the technical evaluation of a structure. They offer detailed inspections and assessments of a property’s physical components. A professional engineer’s reports often include comprehensive descriptions and recommendations based on engineering principles.
These are only the fundamentals of the differences between reserve specialists and professional engineers. To gain more insights, check out this infographic from Lockatong Engineering.
