Is a reserve study required in New Hampshire?
Not by state statute, as far as we can find. RSA 356-B sets budget and disclosure rules for condominiums but no study requirement. Your declaration or bylaws may require one, so read them, and if in doubt check with the association's attorney.
What does the board have to tell a buyer about reserves?
Under RSA 356-B:58 a buyer can ask for the planned capital and major maintenance spending for this year and the next two, the amount in the replacement reserve and any part set aside for a project, last year's financial statements, and three years of special assessments. More on the resale certificate.
Do owners vote on the budget?
Yes, in a way. Under RSA 356-B:40-c the board sends owners a budget summary, including reserves and how they are calculated, and holds a meeting. The budget stands unless two-thirds of all owners reject it.
How often should a study be updated?
New Hampshire law sets no interval. Many firms and boards work to a full study with a site visit every few years and lighter updates in between; your declaration may set its own rule.
Does the law cover HOAs as well as condominiums?
RSA 356-B covers condominiums. Many homeowners associations are organized as nonprofit corporations under RSA 292 and run by their covenants and bylaws, which is where any reserve rule would be. Check with the association's attorney if you are unsure which applies.
Who can prepare a reserve study here?
New Hampshire has no licensing rule for reserve study preparers that we could find. Many firms use engineers, or credentials such as the Community Associations Institute Reserve Specialist (RS) or the APRA Professional Reserve Analyst (PRA).
What does a developer have to disclose about reserves?
When units are first sold, the public offering statement under RSA 356-B:52 must include a projected budget for at least the first year and say whether it provides for capital expenditures or major maintenance reserves.
How much does a reserve study cost?
For most associations, somewhere between $1,500 and $8,000 for a full study, more for large or complex ones. See the cost guide.
Can the board raise money without a vote?
For a true emergency, yes. RSA 356-B:40-c lets the board impose a special assessment by a two-thirds board vote when there is a discovered danger to structural integrity, life or safety, or a court order. Other special assessments go through the same ratification process as the budget.
Do you charge for the introduction?
No. The firm we introduce pays us a fee if you go ahead. How this service works.