Yes. Virginia requires property owners' associations (Code 55.1-1826), condominium unit owners' associations (Code 55.1-1965) and real estate cooperatives (Code 55.1-2147) to conduct a reserve study at least once every five years and to review it at least annually. The condominium and cooperative sections allow the condominium instruments or declaration to provide otherwise. The resale certificate must include the current reserve study or a summary.
Last verified October 12, 2026 by ReservePath research.
| Reserve study required | Yes |
|---|---|
| Applies to | HOAs and planned communities, Condominiums, Cooperatives |
| How often | Every 5 years |
| Site inspection required | Not required by statute |
The board of a property owners' association must conduct a reserve study at least once every five years, review the results at least annually and adjust the budget as it finds necessary (Code of Virginia 55.1-1826). The same duty applies to condominium unit owners' associations and real estate cooperatives, except to the extent the condominium instruments or the cooperative declaration provide otherwise (55.1-1965, 55.1-2147). (see sources)
Code of Virginia 55.1-1826, 55.1-1965 and 55.1-2147 do not mention a site visit or visual inspection. (see sources)
We found no statewide rule on this in the statutes listed under Sources.
The board must review the study at least once a year to decide if reserves are sufficient and make the adjustments it finds necessary. If the study shows a need to budget for reserves, the budget must include the estimated replacement cost, remaining life and useful life of the capital components, the current reserve balance and expected contribution for the year, a statement of how reserves are estimated and accumulated, and the amount recommended by the study compared with current reserve cash. The cooperative section also requires a statement of how far the association is funding its reserves in line with the study (55.1-2147). The property owners' association and condominium sections say the board may meet repair and replacement needs through reserves, additional assessments or borrowed funds (55.1-1826, 55.1-1965). (see sources)
Before the fiscal year starts, the board must make the annual budget or a summary available to owners. The resale certificate must include the amount of any reserves for capital expenditures and the current reserve study or a summary of it (Code of Virginia 55.1-2310). (see sources)
The sections reviewed do not say who must prepare the study or set any credential. (see sources)
ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.
The board of a property owners' association must conduct a reserve study at least once every five years, review the results at least annually and adjust the budget as it finds necessary (Code of Virginia 55.1-1826). The same duty applies to condominium unit owners' associations and real estate cooperatives, except to the extent the condominium instruments or the cooperative declaration provide otherwise (55.1-1965, 55.1-2147).
Every 5 years under the statutes listed on this page. Code of Virginia 55.1-1826, 55.1-1965 and 55.1-2147 do not mention a site visit or visual inspection.
The sections reviewed do not say who must prepare the study or set any credential.
The board must review the study at least once a year to decide if reserves are sufficient and make the adjustments it finds necessary. If the study shows a need to budget for reserves, the budget must include the estimated replacement cost, remaining life and useful life of the capital components, the current reserve balance and expected contribution for the year, a statement of how reserves are estimated and accumulated, and the amount recommended by the study compared with current reserve cash. The cooperative section also requires a statement of how far the association is funding its reserves in line with the study (55.1-2147). The property owners' association and condominium sections say the board may meet repair and replacement needs through reserves, additional assessments or borrowed funds (55.1-1826, 55.1-1965).
Before the fiscal year starts, the board must make the annual budget or a summary available to owners. The resale certificate must include the amount of any reserves for capital expenditures and the current reserve study or a summary of it (Code of Virginia 55.1-2310).
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