How Often Does an HOA Need a Reserve Study?

A reserve study goes out of date as prices rise, balances change and projects happen sooner or later than planned. How often to refresh it depends on the rules that apply to your community and on how much has changed.

Check what sets your schedule

Start with these three places. If more than one applies, plan around the strictest.

• State law. California calls for a site visit at least every three years and a board review every year, for associations the rule covers. Washington says “An updated reserve study must be prepared annually,” and at least every third year based upon “a visual site inspection,” with exemptions. Other states differ, and many have no such rule.
• Governing documents. Your own documents may set a schedule, even where the state doesn’t.
• Lenders. Fannie Mae looks at how recently a study was completed when a study is part of its project review.

Your manager or attorney can confirm what applies to you.

What boards report doing

In a 2022 survey by the Foundation for Community Association Research, with 1,058 responses from mostly board members and managers, update habits split like this:

That shows what people said they do. It doesn’t show which schedule works best.

If nothing sets a schedule

The board can choose one with its manager or attorney. One study firm’s 2026 report describes best practice as an update with a site visit at least every three years, and no-visit updates in the years between. That’s a useful starting point, not a rule.

A longer gap carries more risk when a large project is close, because an old number can look more certain than it is. Some communities may reasonably need less, such as one with few components and no large project soon.

When to update sooner

Don’t wait for the next scheduled date if any of these happen:

• A bid comes in well above the figure in the study.
• A major project happens early, late or at a very different cost.
• The community adds or replaces major components.
• Your responsibilities change, for example after a change to the governing documents.
• An inspection report or a repair turns up work the study doesn’t include.
• The board is about to set dues and doesn’t trust the numbers.

Which kind of study to get

The schedule tells you when, and the full study or update guide helps you choose what. In short, get a full study if you’ve never had one or can’t trust the last one. If a recent study is sound, an update is usually enough. Our pricing page lists all three levels by community size, including a three-year plan.

Between studies, you can test your own numbers in the calculator.