Reserve Sinking Fund Study
A Reserve or Sinking Fund Study is a budget planning tool that identifies the current status of the reserve fund and establishes a stable and equitable funding plan to offset the anticipated future major common element repairs or common area expenditures.
Reserve Sinking Fund Study – There are many benefits to having a Reserve or Sinking Fund Study done. First, it meets legal and professional requirements – RERA and Dubai Law Requirements. It provides funding plans for future repairs, maintenance or replacements of major common elements or common area components and it reduces the need for Special Assessments. And lastly, it enhances resale values through Replacement Fund.
One of the main responsibilities of an Owner Association is maintaining and preserving the property values of the Association’s common element of common area which results in protecting individual owner’s property value.
The environment in UAE is harsh on the assets typically in buildings. In addition, the level of maintenance may also vary greatly. This means that local knowledge will be needed to assess the remaining life.
Since the RFPs are the responsibility of the association manager, using the below scope to assist in developing the RFP will provide the opportunity to receive proposals that can be easily compared. Contact us for a detailed scope of work. This may eliminate a rejection of the budget that is based upon the Reserve Study and the expense of redo. Snag & Inspect is one of the inspection companies in Dubai approved by RERA (Real Estate Regulatory Agency), which assures professionalism and excellent service.