A reserve study is a written report that evaluates the common areas of a homeowner association. It provides guidance on how much your association should be setting aside each month for reserves so it can meet its future obligations without special assessments. Reserves are needed to pay for the replacement of common area components such as roofs and parking lots and to pay for major maintenance items such as exterior painting. The California Civil Code sets forth the minimum requirements for reserve studies. Obtaining a reserve study is part of the budgeting process.   Read the article…………………………….