Managing the long-term maintenance of residential multi-family and cooperative buildings in New Jersey is becoming more structured under NJ law S2760. The regulation mandates that associations conduct a reserve study every five years and plan for future repairs and replacements. A reserve study NJ serves as an essential budgeting tool that helps associations allocate sufficient funds to maintain the building’s structural integrity.
When preparing a reserve study, associations must choose between hiring a professional engineer or a reserve specialist. While both are qualified to conduct the study, they have different approaches to assessing the building and addressing the property’s needs.
Reserve specialists focus on financial forecasting and planning. Certified by the Community Associations Institute (CAI), they have completed a minimum of 30 reserve studies within three years and follow a Professional Reserve Specialist Code of Ethics. Their expertise lies in evaluating financial needs and timelines for repairs and replacements. Reserve specialists are especially valuable for routine studies on properties with basic building structures and no significant structural concerns.
In contrast, professional engineers offer a more in-depth, technical approach to reserve studies. A NJ structural engineer is licensed by the state and has passed the PE examination requirements. They specialize in inspecting and assessing building systems, structural components, HVAC systems, plumbing, and electrical setups. Their evaluations are rooted in engineering principles and often include detailed narratives, condition assessments, and technical recommendations. These professionals are particularly essential for older buildings or properties showing signs of wear and structural instability.
In New Jersey, reserve studies are no longer optional for certain residential properties. Failure to comply with NJ S2760 can result in penalties and the revocation of Certificates of Occupancy. This emphasizes the need for qualified professionals to conduct these assessments. Hiring the right professional helps associations comply with legal mandates while also maintaining the safety and longevity of their properties.
To learn more about how reserve specialists and professional engineers differ in their work on reserve studies, check out this infographic from Lockatong Engineering.
