Illinois Reserve Studies
Real figures behind the reserve line in your budget, from a provider who knows Illinois condo towers and suburban HOAs.
The Illinois budget rules in four numbers
25 to 30days
notice to condo owners before the board adopts the budget
765 ILCS 605/1830 to 60days
notice for townhome and other HOA budgets
765 ILCS 160/1-452/3of all votes
needed before a condo can waive its reserves
765 ILCS 605/9115%of last year
above this, owners can petition to reject the budget
765 ILCS 605/18
Fund the reserves, or waive them?
Every condo board faces it at budget time. Try both.
Pick a choice to see what Illinois law says about it.
The figure has reasons behind it.
Condo budgets must carry reasonable reserves, weighed against what each common element costs and how long it lasts. A study is the plainest record.
The board cannot decide this alone.
A waiver needs two-thirds of all owner votes, only where the declaration has no reserve rule, and it must be disclosed to buyers.
765 ILCS 605/9(c). Ask the association's attorney first.
A lakefront tower or a row of townhomes?
The statute is the same statewide. The study is not.
Elevators, facade masonry, boilers or chillers and the garage deck. Expect a full-day site visit; the provider will ask for the city exterior wall reports.
Private streets, roofs and siding if the HOA maintains them, ponds and fencing. The declaration decides what is on the list, so it gets read first.
| Property | Typical fee |
|---|---|
| Suburban townhome or rowhouse HOA, under 50 homes | $1,500 to $5,000 |
| Garden or courtyard condo, 50 to 150 units | $2,000 to $8,000 |
| Larger HOA with pool or clubhouse, 150 to 300 homes | $5,000 to $20,000 |
| Chicago mid-rise or high-rise condo | $7,000 to $15,000 or more |
Full studies with a site visit. Typical ranges, a guide, not a quote.
Get a quote for your building
Tell us where the property is, what kind of association you run and when the last study was done. A provider who works on Illinois properties like yours then prepares a quote.
- No charge to the association for the introduction.
- You see who the provider is before anything is passed on.
- The study fee is agreed between your board and the provider.
We are a matching service, not a reserve study firm. We find a provider, name them to you, and send your request only once you agree. Providers pay us a fee for each introduction.
Thank you. Your board's request is with us.
- Within one business day you hear from us, by phone or email, naming the reserve study provider we suggest for the property.
- Give us the go-ahead and your request goes to them; decline and it stays with us.
- The provider then contacts you to scope the study and quote. Your details are not reused for newsletters or promotions.