Reserve Studies, Turnovers & Property Condition Assessments
Reserve Studies, Engineering Turnover Reports
& Property Condition Assessment
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Reserves, Turnovers & PCAs
Assessment of existing association or commercial properties to evaluate current conditions, identify necessary repairs and maintenance,
and anticipate future expenses.
and anticipate future expenses.
Reserve Studies
Reserve studies are an essential part of the association budget process. Velocity will identify components of the common elements to be included in the reserve study and estimate the replacement cost, useful life, and remaining useful life of each component. Reserve studies can be prepared using either straight line or pooled accounting methodologies.
Turnover Studies
Turnover studies are performed when a developer of a condominium or HOA turns over control of the association to the unit owners. During the turnover study, Velocity evaluates the common elements of the association to determine if they have been constructed in accordance with the plans, permits, and applicable requirements and if they have been properly maintained.
Property Condition Assessments
Property Condition Assessments (PCA’s) are typically performed prior to a client purchasing an existing commercial facility. The PCA examines the condition of the property to identify maintenance/repair needs and associated costs.
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Velocity combines extensive in-house expertise with an elite team of subconsultants and subcontractors to provide a wide range of engineering services.