Who can do a reserve study for a florida condo

Last updated 2026-08-14

what is a reserve study

A reserve study is a report that inventories a condo or HOA's major shared components (roof, paint, paving, elevators, structural elements), estimates each one's remaining useful life, and projects how much money the association needs to set aside every year to replace those components without a surprise special assessment. A proper study has two parts: a physical analysis (what components exist, their condition, and remaining life) and a financial analysis (current reserve fund balance, funding plan, and recommended annual contribution). Some studies are "full," with an on-site inspection of every component. Others are "update" studies that revise an older report using desktop review and a shorter site visit, usually cheaper and appropriate every few years between full studies. For Florida condos, this isn't just good practice anymore. Since the 2022 and 2023 reforms following the Champlain Towers South collapse, buildings that must complete a Structural Integrity Reserve Study (SIRS) are required to fund reserves for the structural items that study identifies, with no ability to waive or reduce those specific reserves by member vote. See Fla. Stat. 718.112(2)(f) ^[1].

who can legally do a reserve study for a florida condo

Florida does not have a state license called "reserve study specialist," and Chapter 718 does not name a required credential for a routine (non-SIRS) reserve study. In practice, that means a board can hire a reserve study firm, a CPA with reserve experience, an engineering firm, or in some smaller associations, prepare a basic study internally, though a professional-prepared study is strongly recommended for anything beyond a tiny building. The SIRS is different and stricter. Florida law requires the structural inspection portion of a SIRS to be performed by a licensed engineer or architect, the same professional categories authorized to perform the milestone inspection under Fla. Stat. 553.899 ^[2]. Florida's Department of Business and Professional Regulation licenses engineers and architects and lists license status and disciplinary history through its statutory license search function established under Fla. Stat. 455.20135 ^[3]. So the honest answer splits in two: - Routine reserve study (non-structural items like paint, paving, pool equipment, elevators): no state-mandated license. Boards commonly hire firms holding credentials like Reserve Specialist (RS) or Professional Reserve Analyst (PRA) from the national Community Associations Institute (CAI) reserve specialist programs, though these are voluntary industry credentials, not state licenses.

• SIRS structural components: must be inspected by a licensed engineer or architect under Fla. Stat. 718.112(2)(g) ^[1], which cross-references the same professional standard used for milestone inspections. Many associations hire one firm that does both, an engineering firm that performs the SIRS structural review and folds those numbers into a full reserve study covering all components. That's often the most efficient path, since you're not paying two firms to visit the same roof. Confirm the current credential requirements with your association's counsel, since DBPR guidance and statute cross-references get updated. See the reserve study for condo association guide for a walkthrough of the full process.

what is a reserve study for an hoa (and how it differs from a condo's)

An HOA reserve study covers the same basic idea, an inventory of shared components with a funding plan, but the legal requirements differ from condos. Florida's HOA statute, Chapter 720, requires reserves only if the declaration or bylaws establish them, or if the membership votes to fund them; there's no HOA equivalent of the mandatory SIRS that applies to condos under Chapter 718. That means an HOA board has more discretion. A single-family or townhome HOA without a condominium structure typically isn't required by state law to commission a reserve study at all, though lenders (especially for planned developments seeking Fannie Mae or Freddie Mac project approval) increasingly want to see one, and a good study protects the board from claims of financial mismanagement. For HOAs that do commission one, the same professional landscape applies: reserve specialist firms, CPAs, or engineering firms depending on the mix of components (a community with a clubhouse roof and pool deck needs different expertise than one with just a private road and a fence). See hoa reserve study for a fuller breakdown of HOA-specific timing and triggers.

how much does a reserve study cost

Full reserve study, small condo (under 50 units)	$2,500 to $6,000	Site visit, full component inventory
Full reserve study, mid-size condo (50-200 units)	$5,000 to $12,000	More components, longer site visit
Full reserve study, large/high-rise	$10,000 to $25,000+	Elevators, structural systems, multiple buildings
Update study (no full site visit)	$1,000 to $3,500	Revises prior study, cheaper, done between full studies
SIRS structural inspection (engineer/architect)	Often bundled with milestone inspection cost, ranges widely by building size and age	Separate from routine reserve study fee	These ranges reflect industry reporting from reserve study firms and CAI-affiliated professionals; get at least two quotes for your specific building rather than budgeting off a generic number. A 300-unit oceanfront tower with a parking garage and two elevator banks costs meaningfully more to study than a 40-unit inland condo with a shared pool. Worth noting: the reserve study fee itself can typically be paid from operating funds or reserves depending on your governing documents and how your association classifies the expense. Ask your CPA how to book it.

Cost depends heavily on building size, number of components, and whether it's a full study with a site visit or a desktop update. There's no single Florida-published fee schedule, so treat these as market ranges reported by reserve professionals and industry associations, not statutory figures. | Study type | Typical range | Notes |

what is an hoa assessment (and what are hoa assessments)

An HOA assessment is a fee the association charges owners to fund operations and reserves. There are generally two kinds: regular assessments (recurring dues, usually monthly or quarterly, covering routine operating costs and the planned reserve contribution) and special assessments (one-time or limited-duration charges to cover a specific unbudgeted cost, like a roof failure or a structural repair identified in a milestone inspection or SIRS). For condos, Fla. Stat. 718.112(2)(f) ^[1] requires the association's budget to include reserve accounts for items with a deferred maintenance expense or replacement cost exceeding $10,000, funded based on a current reserve study or the statutory formula if no study exists. If the board underfunds and something breaks anyway, a special assessment usually follows. The amount an HOA or condo can charge in a special assessment is generally governed by the declaration and bylaws, not a flat statutory cap, so read your governing documents (or have counsel read them) before assuming a number. See hoa special assessment for more on notice requirements and payment plan rules.

how much should an hoa (or condo) have in reserves

There's no single dollar figure or percentage set by Florida statute for how much an association "should" have in reserves overall; the requirement is component-specific, not a lump percentage of the budget. The law requires funding each qualifying reserve item (over $10,000 replacement cost) based on either a current reserve study or, absent a study, a formula using the estimated remaining useful life and replacement cost of each item, per Fla. Stat. 718.112(2)(f) ^[1]. Industry rule-of-thumb guidance (not law) from reserve specialists often talks about a "percent funded" ratio, comparing what's in reserves to what should ideally be there given component ages. A commonly cited industry benchmark treats 70% funded or higher as "strong" and below 30% as "weak," but these thresholds come from private industry practice (CAI-affiliated reserve specialists), not from Chapter 718, so don't cite them to a court or your insurer as a legal standard. What is legally fixed for condos after the 2022-2023 reforms: buildings three stories and higher must complete a SIRS on the statutory timeline, and for the specific structural components that study flags (load-bearing walls, roof, primary structural systems, and similar), the association cannot vote to waive or reduce reserve funding, per Fla. Stat. 718.112(2)(f) ^[1]. That's a hard floor for structural items even if the board or membership would rather keep dues low. Related relief and phase-in provisions are covered separately; see florida condo reserve fund relief for how any legislative adjustments to funding timelines have been handled.

are hoa special assessments tax deductible

Generally, no, not for the individual owner paying it, in most circumstances. The IRS treats HOA assessments, regular or special, as a personal, nondeductible expense for an owner-occupied home, similar to how regular HOA dues aren't deductible. The reasoning follows general federal tax rules, since the assessment funds maintenance and improvement of jointly owned property, not a deductible individual expense like mortgage interest or property tax. There are narrow exceptions. If the unit is a rental property, a special assessment allocated to repairs (not capital improvement) may be deductible as a rental business expense in the year paid, per general IRS guidance on rental property expenses in IRS Publication 527 ^[4]. If the assessment funds a capital improvement (a new roof, a major structural rebuild) rather than a repair, it typically must be added to your cost basis and depreciated over time rather than deducted immediately, even for rental property, a distinction grounded in the federal capitalization rules at 26 CFR 1.263(a)-3 ^[5]. This is genuinely fact-specific and depends on whether the property is a primary residence, a rental, or mixed use, and whether the assessment is characterized as a repair or capital improvement in the association's own records. Talk to a CPA before assuming either way, and keep the association's assessment notice and any component-level breakdown, since your accountant will want to see exactly what the money paid for.

who actually performs the milestone inspection vs. the reserve study

These are two different reports done by two different (sometimes overlapping) professionals, and boards frequently conflate them. The milestone inspection is a structural safety inspection required for condo and cooperative buildings three stories or more, at 30 years of age (25 years if within three miles of the coast), and every 10 years after, under Fla. Stat. 553.899 ^[2]. It must be performed by a licensed engineer or architect and results in a report classifying the building's structural condition. The SIRS is a reserve funding study specifically for structural components (load-bearing walls, foundation, roof structure, floor, primary structural members, fireproofing/waterproofing, electrical and plumbing systems serving common elements, among others listed in statute), required on the same age/timeline triggers, and its inspection component must also be performed by a licensed engineer or architect under Fla. Stat. 718.112(2)(g) ^[1]. A routine (non-structural) reserve study covering paint, paving, pool equipment, and similar items has no license requirement in Florida statute and is commonly handled by a dedicated reserve study firm or CPA. Many associations save money and scheduling headaches by hiring one engineering firm to do the milestone inspection and the SIRS structural review together, since the site visit and much of the underlying data overlap. Ask any firm you're considering directly whether they hold an active Florida engineering or architecture license, and verify it using the license search process authorized under Fla. Stat. 455.20135 ^[3], more than the firm's own marketing materials.

how do you find and vet a reserve study provider

Start by asking for state license status if the work touches structural components (SIRS or milestone-adjacent work needs a licensed engineer or architect), and ask for references from other Florida condo boards, ideally buildings similar in age, height, and coastal exposure to yours. A few concrete questions worth asking any candidate before you sign a contract: - Do you hold an active engineering or architecture license in Florida, and can you provide the license number for us to verify?

• Is this a full study with an on-site visit, or a desktop update? What's included in the site visit?
• Will your report separately break out the SIRS-required structural components versus other reserve items, so our budget complies with Fla. Stat. 718.112(2)(f) ^[1]?
• What's your timeline for delivery, and can you commit that in writing given our statutory deadline?
• Do you carry professional liability insurance, and at what coverage level? Get at least two quotes. Reserve study fees vary enough by firm and region that a single quote tells you almost nothing about whether you're being overcharged. Once you have the study in hand, the harder job starts: getting the board to actually adopt the funding plan, scheduling the next update study, and keeping owners informed before a special assessment vote catches everyone off guard. That's the part a lot of boards underinvest in, they pay for the study and then let it sit in a drawer. If your board wants a simple way to track the SIRS and reserve study deadlines, the funding schedule, and the required owner notices all in one place without hiring a management company just for paperwork, that's exactly what our $199 one-time Board Compliance Kit is built for. It doesn't replace the licensed engineer or reserve specialist you're required to hire; it organizes what they give you.

what happens if a condo skips or delays its reserve study

Skipping a required SIRS isn't a paperwork technicality, it has real financial teeth. Associations that fail to complete a SIRS on schedule lose the ability to waive or reduce reserves for the structural components that study would have identified, meaning the board may be forced to fund those reserves using the less favorable statutory default formula, and owners lose the transparency the study would have provided about actual repair timelines and costs. Beyond the direct statutory consequence, a missing or outdated SIRS or reserve study creates real exposure at resale and refinance. Buyers' lenders increasingly ask for the SIRS and reserve study as part of condo project approval, and a board that can't produce one, or produces one that's years out of date, can slow or kill unit sales in the building. Insurers ask too, and a documented reserve funding plan can affect renewal terms on the master policy. The practical fix isn't complicated, it's just discipline: calendar the SIRS deadline based on your building's certificate of occupancy date and coastal distance, get quotes from licensed engineering firms well before the deadline (good firms book out months), and update the broader reserve study every few years even for the non-structural items law doesn't force you to track as tightly.

Frequently asked questions

what is a reserve study

A reserve study is a report inventorying a condo or HOA's major shared components, estimating each one's remaining life, and projecting the annual funding needed to replace them without a surprise special assessment. For Florida condos, the structural portion (SIRS) must be inspected by a licensed engineer or architect under Fla. Stat. 718.112(2)(g) and 553.899.

what is a reserve study for an hoa

An HOA reserve study works the same way as a condo's, inventorying shared components and projecting funding needs, but Florida law (Chapter 720) generally only requires it if the HOA's declaration or bylaws call for reserves, or members vote to fund them. There's no HOA equivalent of the mandatory condo SIRS.

what is an hoa assessment

An HOA assessment is a fee charged to owners to fund the association's operations and reserves. Regular assessments recur (usually monthly), covering routine costs and planned reserve contributions. Special assessments are one-time or limited charges covering an unbudgeted cost, like storm damage or a structural repair flagged in a milestone inspection.

how much should an hoa have in reserves

There's no flat statutory dollar figure. Florida condo law requires funding each reserve item over $10,000 replacement cost based on a current reserve study or a statutory formula (Fla. Stat. 718.112(2)(f)), not a percentage of the total budget. Industry benchmarks (not law) often call 70%+ funded "strong" and under 30% "weak," per CAI-affiliated reserve specialists.

how much does a reserve study cost

Full reserve studies for Florida condos typically run $2,500 to $6,000 for small buildings, $5,000 to $12,000 for mid-size condos, and $10,000 to $25,000+ for large high-rises, based on industry-reported ranges. Update studies without a full site visit cost less, roughly $1,000 to $3,500. Get at least two quotes for your specific building.

are hoa special assessments tax deductible

Generally no for owner-occupied homes; the IRS treats them as a personal, nondeductible expense. For rental property, a special assessment for repairs may be deductible in the year paid per IRS Publication 527, while one funding a capital improvement typically must be added to cost basis and depreciated instead. Confirm with a CPA.

who is legally required to perform a florida SIRS

The structural inspection portion of a Structural Integrity Reserve Study must be performed by a licensed engineer or architect, per Fla. Stat. 718.112(2)(g), which uses the same professional standard as the milestone inspection under Fla. Stat. 553.899. Verify the individual's or firm's active license before hiring.

can a board member or property manager prepare the reserve study themselves

For routine, non-structural components, Florida statute doesn't name a required license, so technically a board could attempt it, though it's rarely a good idea beyond a very small association. Any structural components covered by the SIRS legally require a licensed engineer or architect, no exceptions for board self-preparation.

what's the difference between a full reserve study and an update study

A full study includes an on-site visit and complete component inventory, typically done every few years. An update study revises the prior full study using desktop review and often a shorter site visit, costing roughly a third to half as much. Most boards alternate: full study, then one or two cheaper updates, then another full study.

does an hoa without condo units still need a reserve study in florida

Not automatically. Chapter 720 (governing HOAs) generally only requires reserves and a reserve study if the association's declaration or bylaws establish them, or the membership votes to fund reserves. There's no HOA equivalent of the mandatory condo SIRS under Chapter 718, though lenders and insurers increasingly expect one anyway.

what happens if a condo association skips its required SIRS

The association loses the ability to waive or reduce reserves for the structural components that study would identify, and must fall back on the less favorable statutory formula. It also creates resale, refinance, and insurance renewal problems, since lenders and insurers increasingly ask to see a current SIRS and reserve study before approving loans or renewing coverage.

how often does a condo need to redo its reserve study or SIRS

The milestone inspection and SIRS both recur every 10 years after the initial 30-year (or 25-year coastal) trigger, per Fla. Stat. 553.899 and 718.112. Many boards also commission a cheaper update study every 3-5 years between full reserve studies to keep the funding plan current with actual costs and component condition.

Sources

1. Florida Senate, Florida Statutes: Reserve funding requirements, the $10,000 threshold, SIRS structural component list, and the no-waiver rule for structural reserves
2. Florida Senate, Florida Statutes: Milestone inspection timing (30 years, 25 years coastal, every 10 years after) and requirement it be performed by a licensed engineer or architect
3. Florida Senate, Florida Statutes: Statutory basis for DBPR's online license verification system covering engineers, architects, and other regulated professionals
4. IRS Publication 527: Tax treatment of rental property repair vs. capital improvement expenses, relevant to special assessment deductibility
5. Florida Senate, Florida Statutes, Chapter 720: HOA reserve requirements depend on declaration/bylaws or member vote, unlike the mandatory condo SIRS
6. Electronic Code of Federal Regulations, 26 CFR 1.263(a)-3: Federal tax rule distinguishing deductible repairs from capitalizable improvements, relevant to how special assessments must be treated for basis versus expense purposes