A reserve study NJ is an essential tool that enables associations to assess the current condition of their assets while developing a long-term plan for capital improvements. By identifying the timing of repairs and establishing a schedule, associations can allocate the necessary funds to avoid costly emergency repairs.
In New Jersey, associations are now required to conduct a regular reserve study under NJ law S2760. Under the law, the two qualified professionals allowed to complete a reserve study are a professional engineer and a reserve specialist.
When associations conduct a reserve study, they often need to decide between hiring a professional engineer or a reserve specialist. Both are legally qualified to develop a reliable reserve study, but each has a unique approach. The choice between a professional engineer and a reserve specialist largely depends on various factors, including the degree of inspection and reserve budgeting the association requires.
Reserve specialists typically focus on the financial aspects of the reserve study. Their expertise allows them to analyze when major replacements are required and create a plan so associations have sufficient funds when the time comes. Certified by the Community Associations Institute (CAI), reserve specialists have backgrounds in engineering or construction management and years of experience in this role. Their work is critical in properties that do not require in-depth technical evaluations.
On the other hand, professional engineers bring a more technical approach to reserve studies. With a focus on structural and mechanical systems, they provide a comprehensive analysis of the property’s physical components. This is especially valuable for older buildings or those with complex infrastructure.
Engineers can assess everything from HVAC systems, plumbing, structural foundations, and building envelopes. Their detailed reports offer recommendations for repairs and replacements rooted in engineering principles, making them the right choice for associations with more intricate maintenance needs.
Ultimately, the decision between a professional engineer and a reserve specialist hinges on the specific needs of the property. Associations must weigh these factors carefully to conduct a comprehensive and reliable New Jersey reserve study. With the right support, the study provides a clear roadmap for future repairs and replacements and helps safeguard the long-term stability of NJ properties.
To learn more about which to hire between reserve specialists and professional engineers, here is an infographic by Lockatong Engineering.
