How often must a reserve fund study be completed for new condominiums?

A reserve fund study for new condominiums must be completed within 2 years of the establishment of the condominium corporation. This requirement ensures that a comprehensive evaluation of the physical condition of the property and the projected costs for future repairs and replacements are assessed early in the life of the condominium. By conducting the study within this timeframe, it allows the condominium corporation to effectively plan and budget for the long-term maintenance of the property, ultimately protecting the interests of the owners and enhancing the financial stability of the condominium.

The timing of the reserve fund study is critical for new condominiums as it sets a baseline for future planning and can significantly influence the financial health and sustainability of the community.