McCaffery Consulting has completed reserve studies throughout Hawaii for various associations of apartment owners (AOAO) and other community properties. We are available to conduct a reserve study for your CID (common interest development) in Hawaii at a cost below the competition.
The main areas we serve in Hawaii are: Honolulu, Waikiki, Kona, Oahu, Maui, and Kauai. Regardless of where you need a reserve study completed in Hawaii, McCaffery Consulting can accommodate.
Please contact us today OR fill out our online proposal request form.
Requirements for Hawaii Reserve Study Services
Hawaii Revised Statutes require that associations prepare and adopt a budget every year that includes the current estimated replacement reserves the association will require to maintain the property based on a reserve study.
In addition, the association must assess the owners to either fund a minimum of fifty percent of the estimated replacement reserves or fund one hundred per cent of the estimated replacement reserves when using a cash flow plan.
Some associations in Hawaii have relied on their management or board of directors to perform their reserve study. Associations should really think twice before doing this. Reserve studies should be performed by qualified independent professionals.
Effective 1/1/2023 Act 62 Hawaii House Bill 2272 Hawaii Revised Statutes 514B-148
The estimated replacement reserves that the association will require to maintain the property based on a reserve study performed by the association; provided that the reserve study shall be reviewed by an independent reserve study preparer; provided further that the reserve study shall be reviewed or updated at least every three years;
This means that associations and/or their property mangers can no longer perform their own reserve study and it must be done my an independent reserve study professional at least every 3 years. It also requires that reserve studies must use a 30 year cash flow plan instead of the previous 20 year requirement.
Why have a professional Reserve Study?
Link to Hawaii Revised Statutes