SmartProperty® helps North Dakota HOAs and condominiums plan and fund their reserves. The condominium chapter doesn’t require a study, but it does make the board responsible for maintaining common elements. Your own documents may add a reserve requirement.
Our guide reviews NDCC Chapter 47-04.1, the condominium chapter. It doesn’t mention reserve studies, so the standard comes from maintenance duties, reasonable assessments and your own documents.
Our guide estimates asphalt lasts 15 to 18 years in North Dakota versus 20 to 25 nationally, and notes that de-icers add stress to concrete. Useful lives should reflect local conditions, not national averages.
The statute lets the association levy reasonable assessments. If a board skips saving and then levies a large special assessment, an owner can argue it isn’t reasonable, and a study is the board’s evidence that it was.
Lenders ask about reserve funding and deferred maintenance. Fannie Mae’s 15% reserve minimum applies to condo loans dated on or after January 4, 2027, or the budget must fund a current study’s highest recommended contribution.
A site-inspected study to start, then updates as costs and conditions change, so the board always has a current plan.
The Living Reserve Study® updates as projects are completed and costs change, so your plan is ready for the next update or budget.
Model higher contributions, special assessments, loans or lines of credit side by side before you take a recommendation to owners.
Atlas shows the cost data and useful-life assumptions behind every figure, so boards can answer owner questions with confidence.
See how the Living Reserve Study® works for your community, or tell us about your association and we’ll put together a proposal.
Photo via Wikimedia Commons: Theodore Roosevelt National Park: National Park Service, Public domain. North Dakota law summary is not legal advice. Confirm your association’s obligations with North Dakota counsel.