In short
At least every third year, the annual update has to be prepared by a reserve study professional who has made a visual inspection of the property. The visit checks the condition and remaining life of every reserve component, so the costs and timings in the next two desk updates rest on what is actually there.
What the rule says
“An updated reserve study must be prepared annually. An updated reserve study must be prepared at least every third year by a reserve study professional and based upon a visual site inspection conducted by the reserve study professional.”
That is RCW 64.90.545(1). “At least” matters: a board can commission a visit sooner, and should after a storm, a leak, a failed inspection or a large project. Older condominiums still under the Condominium Act have a matching three-year visit in RCW 64.34.380.
The study records the level of work done. A visit year is a Level II update, or a new Level I study if the component list is rebuilt from scratch; the years between are usually Level III, with no visit (RCW 64.90.550).
The cycle on a calendar
Count from the last study that rested on a professional site visit. If that was in 2026, the next visit is due no later than 2029 and the one after that by 2032.
- 2026Site visit
A reserve study professional walks the property. The first study can instead rest on plans, for buildings not yet built.
- 2027Annual update
Balances, costs and contributions brought up to date. No visit required.
- 2028Annual update
The same again, ready for the budget the board adopts.
- 2029Site visit
The update is prepared by a professional from a fresh visual inspection.
- 2030Annual update
The cycle carries on.
- 2031Annual update
Each update feeds the budget summary owners receive before they ratify the budget.
- 2032Site visit
And again, at least every third year.
Professional study from a visual site inspectionAnnual update; a desk review is enough
What happens on the day
For a garden community the visit is often a morning; for a tower with a garage, elevators and a boiler plant it can take a day or more. The analyst walks the roofs where it is safe to, the siding and windows, decks and balconies, paving, fences, the pool and clubhouse, and the mechanical rooms. They measure quantities, note condition and photograph what they see.
A visual inspection is not a destructive or engineering investigation. If the analyst sees signs of something hidden, such as staining that suggests a failing membrane, the study should say so and recommend a specialist. That recommendation belongs in the study even when it is unwelcome.
How to prepare
- Send the last study, the current budget and the reserve balance ahead of the visit.
- List every project since the last visit with its date and final cost. Replacement costs in the next study come partly from these.
- Arrange access to roofs, attics, mechanical rooms, the garage and any locked amenity.
- Collect owner reports of leaks, cracks or failures. They point the analyst to the places worth a second look.
- Have a board member or the manager walk with the analyst for the first hour.
If the cycle has lapsed
If more than three years have passed since a professional prepared the study, owners with 20 percent of the votes can demand one, and any owner can sue to enforce the reserve study sections (RCW 64.90.555). The resale certificate may also have to say the association has no current study (the disclosure statement). The fix is the same in every case: commission a study with a site visit and restart the clock.