Without a reserve study that helps us plan and save for anticipated repairs the association will likely have to levy special assessments to homeowners to pay for required repairs. Reserve studies help maintain strong property values. By identifying and budgeting for future capital projects, these evaluations can help board members fulfill their fiduciary duty of protecting the association’s assets. The study details the expected life span of major items and when the association will be financially able to replace them, it’s important to have a preventative maintenance plan in place that follows the timeline of the reserve study to get the most life out of the amenity equipment and assets.