In short
A full study with a site visit typically costs from about $1,500 for a small townhome HOA to $15,000 or more for a Chicago high-rise. Updates cost less, and an update without a site visit is often under $1,000. These are a guide, not a quote.
Typical fees by property
| Property | Type of study | Typical fee |
|---|---|---|
| Suburban townhome or rowhouse HOA, under 50 homes | Full study, site visit | $1,500 to $5,000 |
| Garden or courtyard condo, 50 to 150 units | Full study, site visit | $2,000 to $8,000 |
| Larger HOA with pool or clubhouse, 150 to 300 homes | Full study, site visit | $5,000 to $20,000 |
| Chicago mid-rise or high-rise condo | Full study, site visit | $7,000 to $15,000 or more |
| Any property with a recent full study | Update with site visit | Usually somewhat less than the original full study |
| Any property with a recent full study | Update, no site visit | Often under $1,000 |
Typical ranges, a guide, not a quote, grouped by the kinds of property found in Illinois. No Illinois agency publishes fee figures. What each level of study includes follows the Community Associations Institute's definitions.
Three levels of study
The CAI National Reserve Study Standards describe three levels, and your quote should name one.
- Full study. The provider builds the component list from scratch, measures and inspects on site, and produces a funding plan. This is what a first study, or a study after major work, should be.
- Update with site visit. The provider checks the existing list on site, adjusts conditions, lives and costs, and reruns the funding plan.
- Update without site visit. The figures are refreshed from the board's records, with no inspection. Fine for an off year, not as a habit.
What moves an Illinois quote
Number and kind of components
Fees follow the length of the component list. A tower adds elevators, boilers or chillers, pumps, a fire alarm system and a garage deck, each needing a closer look than a run of fencing.
Exterior walls on Chicago high-rises
A tower's facade is usually its largest reserve item. If the latest city exterior wall report is current and detailed, the study can draw on it. If it is old or vague, expect the provider to spend more time on the walls, or to suggest an engineering review alongside.
Records
A board that can hand over the declaration, the last study, three years of budgets and a list of work done since will usually get a tighter quote and a faster turnaround.
Timing
Fall is busy, because many Illinois associations budget on a calendar year and the proposed budget has to reach owners weeks before the vote. Asking in spring or summer gives you more choice of dates.
Comparing two proposals
- Check both quote the same level of study.
- Ask how long the site visit is and who carries it out.
- Ask whether the funding plan shows more than one option, for example full funding and a threshold plan.
- Ask what an update will cost in years two and three. A cheap first study with expensive updates is not cheap.
- Ask whether they follow the CAI National Reserve Study Standards.
Paying for the study
Where the money comes from is a board decision. Many Illinois boards put the fee in the year's operating budget; a few draw it from the reserve fund. Ask the association's accountant which your declaration and records support. A fee of a few thousand dollars spread over a hundred units is a small line next to the reserve contribution it helps set.
Sources and how we set these figures
- Community Associations Institute, Reserve Studies and Funding Resources, with the National Reserve Study Standards (January 2024)
- Community Associations Institute, Summary of State Reserve Fund Laws (June 2026)
- 765 ILCS 605/18
- 765 ILCS 160/1-45
- City of Chicago, Required Reporting for Exterior Walls of High Rise Buildings