SmartProperty® helps Washington condominiums and HOAs meet the state’s reserve study mandate: a site inspection every three years and a financial update every year. We also help associations get ready for the 2028 HOA deadline.
Every 3 yearsA site inspection by a reserve study professional
AnnuallyA financial update for inflation, interest and spending
Jan 1, 2028Older HOA exemptions under RCW 64.38 expire
WHAT WASHINGTON REQUIRES
Washington requires the study. The rules get stricter in 2028.
Most residential common interest communities must prepare and update a reserve study. Which chapter governs yours decides the details.
CONDOS RCW 64.34 · HOAS RCW 64.38
Study required, with narrow exceptions
Associations with significant assets must prepare and update a study unless it would cause unreasonable hardship, a term the statute doesn’t define.
Condominiums with ten or fewer units can waive the study by a two-thirds owner vote, renewed every three years. The lack of a study must be disclosed on resale certificates.
Newer communities under WUCIOA (RCW 64.90) must keep a study, with limited exceptions.
WHAT THE STUDY MUST CONTAIN
Specific content and three funding plans
Every component whose major maintenance or replacement would exceed 1% of the annual budget must be listed, or its omission explained.
The study presents a full funding plan, a baseline funding plan and a recommended contribution rate, over a 30-year period.
It must carry the statutory disclosure telling owners they may owe a special assessment for components not funded.
The study must be done by an independent qualified professional. State licensing is not required.
The small-association and cost-to-budget exemptions under RCW 64.38 expire, bringing nearly all residential HOAs under the stricter WUCIOA rules. Boards relying on those exemptions should start the triennial inspection cycle now.
Lenders want a current study
Fannie Mae and Freddie Mac look for a study or update completed within three years of a loan approval. Their reserve minimum rises from 10% to 15% of assessments for loan applications dated on or after January 4, 2027.
Borrowing from reserves has rules
Withdrawals for unbudgeted operating costs must be recorded in the minutes, noticed to owners and repaid within 24 months.
HOW SMARTPROPERTY HELPS
Compliance is the floor. Funding stability is the goal.
Full reserve studies and updates
A site-inspected study to start, then updates as costs and conditions change, so the board always has a current plan.
A plan that stays current
The Living Reserve Study® updates as projects are completed and costs change, so your plan is ready for the next update or budget.
Funding options the board can compare
Model higher contributions, special assessments, loans or lines of credit side by side before you take a recommendation to owners.
Numbers you can explain
Atlas shows the cost data and useful-life assumptions behind every figure, so boards can answer owner questions with confidence.
TALK WITH SMARTPROPERTY ABOUT WASHINGTON
Get your Washington reserve plan on solid ground.
See how the Living Reserve Study® works for your community, or tell us about your association and we’ll put together a proposal.
