Serving Illinois
Reserve Studies in Illinois
Reserve Study Services for Illinois Condominium Associations, Homeowners Associations (HOAs), Resorts, Commercial Properties, Municipalities, and Non-Profit Organizations
The Land of Lincoln Deserves Strong Reserve Planning
Illinois is home to more than 23,000 community associations, serving approximately 2.7 million residents in condominium associations, homeowners associations (HOAs), townhome communities, master-planned developments, mixed-use communities, active adult neighborhoods, and planned communities throughout the Prairie State. From the skyline of Chicago to the growing communities of Aurora, Naperville, Joliet, Rockford, Elgin, Springfield, Peoria, Champaign, Bloomington, Evanston, Schaumburg, Arlington Heights, Waukegan, Decatur, Oak Brook, and communities across Illinois, association boards face increasing responsibilities for long-term capital planning, reserve funding, aging infrastructure, and protecting property values.
Global Solution Partners provides professional Reserve Studies throughout Illinois, helping condominium associations, homeowners associations, commercial properties, municipalities, resorts, places of worship, and nonprofit organizations develop practical long-term funding strategies for future capital repairs and replacements. Our experienced reserve specialists prepare comprehensive Reserve Studies that help boards make informed financial decisions, reduce the risk of special assessments, and preserve the long-term value of their communities.
What Is a Reserve Study?
A professionally prepared Reserve Study provides condominium associations, homeowners associations (HOAs), commercial properties, municipalities, and non-profit organizations with a comprehensive evaluation of the common-area components they are responsible for maintaining and replacing. Following the Community Associations Institute (CAI) National Reserve Study Standards, Global Solution Partners evaluates each major asset, estimates its remaining useful life and replacement cost, and develops a long-term funding plan to help boards budget for future capital expenditures and maintain the financial health of their community.
Common components included in an Illinois Reserve Study may include:
- Roof systems
- Building exteriors, brick, stone, siding, EIFS, and masonry
- Exterior painting and protective coatings
- Windows and exterior doors
- Gutters and downspouts
- Balconies, decks, terraces, and railings
- Foundations and structural retaining walls
- Clubhouses and community centers
- Swimming pools and pool equipment
- Fitness centers and recreational amenities
- Tennis, pickleball, and basketball courts
- Playgrounds and park equipment
- Private roads, asphalt parking lots, and drive lanes
- Concrete sidewalks, curbs, and walkways
- Stormwater management systems and detention ponds
- Site lighting and electrical infrastructure
- Entry monuments, fencing, and security gates
- Irrigation systems and landscape improvements
- Elevators (where applicable)
- HVAC systems serving common areas
- Fire protection and life safety systems
- Lakes, fountains, and other water features (where applicable)
Illinois communities experience a wide range of weather conditions that can impact the lifespan of common-area components. Freeze-thaw cycles, heavy snowfall, ice accumulation, road salt, high winds, spring storms, summer heat, and seasonal temperature fluctuations can accelerate the deterioration of roofing, pavement, concrete, exterior finishes, drainage systems, and other shared assets. Communities near Lake Michigan may also experience higher winds, increased moisture, and lake-effect snow, placing additional stress on building envelopes and infrastructure.
A professionally prepared Reserve Study helps association boards anticipate future repair and replacement costs, prioritize capital improvements, establish an appropriate reserve funding plan, reduce the likelihood of special assessments, and protect the long-term value of the community. By planning ahead, Illinois associations can make informed financial decisions while fulfilling their fiduciary responsibility to homeowners.
Understanding Illinois Reserve Study Requirements
Illinois law emphasizes the importance of responsible long-term financial planning for condominium associations and many homeowners associations (HOAs). Although the state does not require associations to obtain a professional Reserve Study on a specific schedule, boards are expected to budget for future capital repairs and maintain reasonable reserve funds to support the repair and replacement of common-area components.
For condominium associations, the Illinois Condominium Property Act (765 ILCS 605) requires boards to adopt an annual budget that provides for reasonable reserves for capital expenditures and deferred maintenance related to the repair and replacement of common elements. When determining the appropriate reserve funding level, boards are directed to consider factors such as estimated repair and replacement costs, the remaining useful life of common-area components, anticipated investment returns, the financial impact on unit owners, financing options, and any independent professional Reserve Study the association obtains.
Many homeowners associations and common interest communities are governed by the Illinois Common Interest Community Association Act (765 ILCS 160), which also requires associations to adopt annual budgets and responsibly manage reserve funds for the long-term maintenance and replacement of common-area assets. Although a Reserve Study is not mandated, it is widely recognized as one of the most reliable methods for determining appropriate reserve funding levels and supporting informed financial decisions.
For most Illinois condominium associations and homeowners associations, Global recommends updating a Reserve Study at least every three years, supported by an annual review of the funding plan. An earlier update may be appropriate when major capital projects are completed or postponed, significant storm damage occurs, construction costs change materially, or other changes affect the association’s common-area assets and long-term funding needs.
Why Illinois Associations Choose Global Solution Partners
Illinois associations need more than projected replacement costs. They need a Reserve Study that reflects the condition of their property, the responsibilities established in their governing documents, current construction costs, and the financial goals of the association. Global Solution Partners combines nationwide reserve study experience with practical field knowledge to provide boards and property managers with reliable information for long-term capital planning.
Our Reserve Studies are prepared in accordance with the Community Associations Institute (CAI) National Reserve Study Standards and include a comprehensive physical analysis, detailed component inventory, remaining useful life estimates, current replacement cost projections, and customized reserve funding recommendations. Whether your community is a high-rise condominium in Chicago, a suburban HOA in Naperville, a master-planned community in Aurora, or a mixed-use development in Springfield, our studies are designed to provide practical, data-driven solutions that support responsible budgeting and long-term capital planning.
When you partner with Global Solution Partners, you receive:
- Professional Reserve Studies prepared by experienced Reserve Specialists
- Studies completed in accordance with CAI National Reserve Study Standards
- Accurate component inventories and realistic replacement cost projections
- Customized reserve funding plans that support long-term financial stability
- A complimentary board teleconference to review your completed Reserve Study
- One complimentary revision following board review
- Responsive customer service from project kickoff through final delivery
- Global Experience with Local Understanding
Whether your community is a downtown condominium in Chicago, a suburban homeowners association, or a mixed-use development elsewhere in Illinois, Global Solution Partners is committed to helping boards protect common-area assets, plan for future capital expenditures, and make confident long-term financial decisions through professionally prepared Reserve Studies.
In Illinois, Global Solution Partners supports condominium associations, homeowners associations, municipalities, resorts, commercial properties, places of worship, and nonprofit organizations with Reserve Studies and related services, including Insurance Appraisals, Property Condition Assessments (PCAs), and Engineering Services.
Global has completed thousands of Reserve Studies for communities and properties across the country. Each Illinois study is overseen by a CAI Certified Reserve Specialist (RS) and prepared in accordance with the CAI National Reserve Study Standards, giving boards a dependable basis for long-term capital planning and reserve funding decisions.
Condo in Chicago, IL
HOA in McHenry, IL
Community in Chicago, IL
Communities We Have Served in Illinois
Global Solution Partners has completed Reserve Studies for condominium associations, homeowners associations, townhome communities, master-planned developments, commercial properties, municipalities, places of worship, resorts, and nonprofit organizations throughout Illinois. Our experience includes urban high-rise communities, suburban developments, historic properties, and mixed-use projects with a wide variety of buildings, amenities, infrastructure, and long-term capital planning needs.
Here are just a few of the Illinois communities and properties we have proudly served:
- 1115 S Plymouth Court Condominium Association – Chicago, IL
- Roycroft Condominium Association – Evanston, IL
- 1443 W Victoria Condominium Association – Chicago, IL
- York Meadows Condominium Association – Elmhurst, IL
- 700 Grand Association – Chicago, IL
- Rosewood Condominium Association – Darien, IL
- Pine Valley Townhome Association – Lockport, IL
- Shadetree Condominium Association – Oak Forest, IL
- Timber Trails Condominium Association – McHenry, IL
From the shores of Lake Michigan to communities throughout Central and Southern Illinois, Global Solution Partners continues to help condominium associations, homeowners associations, commercial properties, municipalities, and nonprofit organizations protect property values through professional Reserve Studies and long-term capital planning.
Reserve Study Experience with Associations and Managers in Illinois and the surrounding areas.
See what community managers and board members have said about working with Global Solution Partners.
You have wonderful customer service. Out of all of the companies I have worked for you, guys are really good.
The board was and is impressed with service and report I like your report better than other companies.
Everything was great!
Property Types We Serve
Global Solution Partners provides Reserve Studies for a wide range of association and commercial property types throughout Illinois.
Homeowners Associations and Condominium Associations
Illinois condominium associations and homeowners associations are responsible for maintaining a wide range of shared assets, including roofs, building exteriors, private roads, drainage systems, clubhouses, recreational amenities, and other common property. A professionally prepared Reserve Study helps boards understand when those components may require repair or replacement, what the work may cost, and how reserve contributions can be structured over time. Global provides Illinois associations with practical component schedules and funding recommendations that support responsible budgeting and reduce the likelihood of unexpected financial demands on homeowners.
Resorts and Timeshare Properties
From the iconic skyline and attractions of Chicago to the scenic beauty of Starved Rock State Park, the wineries of Galena, the riverfront communities along the Mississippi River, and the recreation areas surrounding Lake Michigan, Illinois welcomes millions of visitors each year. The Prairie State is home to destination resorts, boutique hotels, golf communities, conference centers, vacation ownership properties, casinos, and mixed-use hospitality developments that require proactive long-term capital planning to maintain exceptional guest experiences and protect valuable assets. Global Solution Partners prepares professional Reserve Studies for resorts, vacation ownership properties, hotels, golf communities, conference centers, and mixed-use hospitality developments throughout Illinois. Our studies help owners and operators plan for future repairs, replacements, and capital improvements while protecting the long-term value of their investments. We are proud to serve as a preferred Reserve Study vendor for Marriott Vacations Worldwide.
Commercial and Non-Profit Organizations
Beyond community associations, Global Solution Partners provides professional Reserve Studies, Property Condition Assessments (PCAs), Insurance Appraisals, and long-term capital planning services for commercial properties, municipalities, educational institutions, places of worship, and nonprofit organizations throughout Illinois. Our experience includes office buildings, retail centers, mixed-use developments, industrial facilities, healthcare campuses, schools and universities, churches, parks, community centers, government facilities, recreational campuses, and municipal properties. Whether located in Chicago, Aurora, Naperville, Joliet, Rockford, Elgin, Springfield, Peoria, Champaign, Bloomington, Decatur, Waukegan, Moline, Quincy, Normal, or communities throughout Illinois, our services help property owners, developers, investors, municipalities, and nonprofit organizations plan for future repairs and replacements, extend the useful life of building systems and infrastructure, support responsible budgeting, and preserve the long-term value of their facilities.
Frequently Asked Questions
Does Illinois law require condominium associations and HOAs to have a Reserve Study?
Illinois law does not currently require condominium associations or homeowners associations (HOAs) to obtain a professional Reserve Study on a fixed schedule. However, the Illinois Condominium Property Act (765 ILCS 605) requires condominium associations to adopt annual budgets that provide for reasonable reserves for capital expenditures and deferred maintenance. The Illinois Common Interest Community Association Act (765 ILCS 160) also requires many common interest community associations to prepare annual budgets identifying amounts intended for reserves, capital expenditures, or repairs.
Although a professional Reserve Study is not currently mandated, it provides boards with an objective basis for evaluating common-area assets, estimating future repair and replacement costs, and determining an appropriate reserve funding strategy.
Why are Reserve Studies especially important for Illinois communities?
Illinois communities experience a wide range of seasonal weather conditions, including freeze-thaw cycles, heavy snowfall, ice accumulation, road salt exposure, spring storms, high winds, and summer heat. These conditions can accelerate the deterioration of roofs, asphalt pavement, concrete, balconies, exterior building materials, drainage systems, and other common-area components. A Reserve Study helps associations prepare for these long-term maintenance needs while reducing the likelihood of costly special assessments.
How often should an Illinois association update its Reserve Study?
Although Illinois law does not establish a mandatory update schedule, Global Solution Partners generally recommends reviewing the financial portion of a Reserve Study annually and completing an update with a site inspection at least every three years. An earlier update may be appropriate when major capital projects are completed or delayed, significant storm damage occurs, replacement costs change substantially, or other conditions affect the existing funding plan.
Can a Reserve Study help our board meet its fiduciary responsibilities?
Yes. Board members are responsible for acting in the best interests of the association and managing its finances prudently. A Reserve Study provides objective information that helps boards prioritize capital projects, establish appropriate reserve funding, and make informed financial decisions for the community.
Why should Illinois associations choose Global Solution Partners?
Global Solution Partners combines Global Experience with Local Understanding. Our Reserve Studies follow Community Associations Institute (CAI) National Reserve Study Standards and include detailed component evaluations, realistic replacement cost estimates, customized reserve funding recommendations, responsive project management, a complimentary board presentation, and one complimentary revision.
What components are included in an Illinois Reserve Study?
An Illinois Reserve Study evaluates the common-area components that an association is responsible for maintaining, repairing, and replacing. Global inventories the major assets, assesses their condition and expected service life, projects future repair or replacement expenses, and develops a long-term funding plan based on the association’s responsibilities and financial needs.
Depending on the property, an Illinois Reserve Study may include:
- Roof systems
- Building exteriors, brick, stone, siding, and masonry
- Exterior painting and protective coatings
- Windows and exterior doors
- Gutters and downspouts
- Balconies, decks, terraces, and railings
- Foundations and retaining walls
- Clubhouses and community centers
- Swimming pools and pool equipment
- Fitness centers and recreational amenities
- Tennis, pickleball, and basketball courts
- Playgrounds and park equipment
- Private roads, parking lots, and drive lanes
- Concrete sidewalks, curbs, and walkways
- Stormwater drainage systems and detention ponds
- Site lighting and electrical infrastructure
- Entry monuments, fencing, and security gates
- Irrigation systems and landscape improvements
- Elevators, where applicable
- HVAC systems serving common areas
- Fire protection and life-safety systems
- Lakes, fountains, and other water features, where applicable
Every property is different, so the components included in the study are determined by the association’s governing documents, maintenance responsibilities, and common-area assets.
What are the new Fannie Mae and Freddie Mac condominium project requirements?
Fannie Mae and Freddie Mac place significant emphasis on the financial health and physical condition of condominium communities. Depending on the applicable project-review process, lenders may evaluate reserve funding, deferred maintenance, structural concerns, insurance coverage, and plans for major capital repairs when determining whether a condominium project is eligible for financing.
A current Reserve Study can provide useful information about the condition of common-area components, anticipated repair and replacement expenses, and long-term reserve funding needs. For applicable project reviews in which a lender relies on a Reserve Study, the study or update generally must have been completed within the previous 36 months. A Reserve Study alone, however, does not determine whether a condominium community satisfies all Fannie Mae or Freddie Mac requirements.
Learn more about the updated Fannie Mae and Freddie Mac condominium project requirements.
Does a Reserve Study help prevent special assessments?
Yes. One of the primary benefits of a Reserve Study is helping boards identify future capital expenses before they become emergencies. By establishing a long-term reserve funding plan, associations can spread costs over time, reduce the likelihood of unexpected special assessments, and provide greater financial stability for homeowners.
Does Global Solution Partners perform Reserve Studies throughout Illinois?
Yes. Global Solution Partners performs professional Reserve Studies for condominium associations, homeowners associations (HOAs), resorts, commercial properties, municipalities, places of worship, and nonprofit organizations throughout Illinois. We serve communities in Chicago, Aurora, Naperville, Joliet, Rockford, Elgin, Springfield, Peoria, Champaign, Bloomington, Normal, Evanston, Schaumburg, Arlington Heights, Oak Brook, Waukegan, Decatur, Moline, Rock Island, Quincy, Belleville, Edwardsville, Carbondale, Crystal Lake, Orland Park, Tinley Park, Downers Grove, Wheaton, Glenview, Skokie, Lake Forest, Gurnee, Bolingbrook, and communities across the Prairie State.
Whether your property is a downtown high-rise condominium along Chicago’s lakefront, a suburban homeowners association in the Chicagoland area, a master-planned community in Central Illinois, or a commercial or municipal property elsewhere in the state, Global provides comprehensive Reserve Studies and long-term capital planning recommendations tailored to its needs.
How much does a Reserve Study cost?
The cost of a Reserve Study depends on several factors, including the property’s size, number of buildings, amenities, common-area components, and overall complexity. Larger communities and properties with extensive amenities typically require more detailed evaluations. Request a customized proposal based on your property’s specific needs.
How long does a Reserve Study take to complete?
Project timelines vary depending on the property’s size, document availability, site-visit scheduling, and overall complexity. Global Solution Partners strives to complete most Reserve Studies within approximately 30 days after receiving the necessary information and completing the property review.
What are reserve funds?
Reserve funds are money set aside by an association to pay for future major repairs and replacements of common-area assets. Properly funded reserves help communities avoid unexpected financial burdens while ensuring that buildings, amenities, and infrastructure can be maintained over time.
How do I request a Reserve Study proposal?
Requesting a proposal is easy. Submit information about your property, including its location, number of units, building type, age, and common-area amenities. Our team will review your needs and provide a customized proposal for a professional Reserve Study.
What do you receive when you hire Global Solution Partners?
- Professional Reserve Studies completed in accordance with CAI Reserve Study Standards
- Experienced Reserve Specialists (RSs) and knowledgeable project managers
- Local field specialists who understand Illinois communities and construction practices
- Detailed on-site evaluations of common-area components
- Practical reserve funding recommendations, not just numbers
- A complimentary board presentation to review study findings and answer questions
- One complimentary revision following report delivery
At Global Solution Partners, our mission is to provide accurate, reliable Reserve Studies that help Illinois condominium associations and homeowners associations preserve property values, budget responsibly, reduce the risk of special assessments, and confidently plan for future capital repairs and replacements. With Global Experience and Local Understanding, we are committed to helping communities throughout Illinois build a stronger financial future.
The Professionals Behind Your Reserve Study
Our Illinois reserve study team includes Professional Engineers (PEs), Reserve Specialists (RSs), and members with numerous other applicable specialty qualifications with experience serving condominium and homeowners associations throughout the state.
Phil Halpin, RS
Resorts Team Leader
Phil specializes in reserve studies for resorts, timeshares, and hospitality properties, helping clients develop practical long-term funding strategies.
Bonnie Bogert, RS
Project Management Team Leader
Bonnie supports project setup, report review, and client communication while managing reserve study projects, helping guide clients through the reserve study process from start to finish.
Kyle Jackson, P.E., RS
Site Specialist Team Leader
Kyle oversees GSP’s Site Specialist team and performs field evaluations for reserve study projects nationwide, with extensive experience serving large associations, resort properties, and other complex developments.
Illinois Resources for HOA Boards, Condominium Associations & Property Managers
The following organizations provide information, education, and support for community associations, board members, and property managers in the Illinois area.
