We never recommend that association board members or property managers perform reserve studies for their associations. First of all they don't have the experience that a reserve specialist has and it can be a liability issue and a conflict of interest.
But if an association thinks they can come up with their own component list the least they should do is have an independent professional enter it into a software program and calculate the funding plans.
We can perform level 3 reserve study updates using our customizable HOA Reserve Study software for as low as $250. Please see our sample reserve study reports and contact us at (858) 764-1895 or email@example.com if you are interested.