Components. The study must identify major common area components the association is obligated to repair that have a remaining useful life of less than 30 years. Examples are roofs, painting, water heaters, pool heaters, etc. Attached are sample pages courtesy of Association Reserves, Inc.

Useful Life. The study must identify the probable remaining useful life of the components. These are estimates since it is impossible to know the true remaining life of each component. Lifespans will vary depending on (i) the original quality of the component itself and (ii) whether the association has a program of regular preventative maintenance.

Repair Costs. An estimate of the future replacement costs of components must be included. Inflation should be factored into the estimate.

Funding Plan. The study must contain a reserve funding plan to pay for the future replacement of components. The plan might be through monthly contributions into the reserve fund or through a combination of contributions and special assessments.