A full study with a site visit for a community of 50 to 150 homes usually costs $2,000 to $8,000. Small communities can come in near $1,500; large or high-rise ones run past $15,000. Updates cost a fraction of a full study.
Full study, by size of community
| Community | Typical fee | What it usually looks like |
|---|---|---|
| Fewer than 50 homes | $1,500 to $5,000 | Townhouse court, small garden condo |
| 50 to 150 homes | $2,000 to $8,000 | The usual Maryland HOA or mid-size condo |
| 150 to 300 homes | $5,000 to $20,000+ | Several buildings, a pool, private roads |
| High-rise condominium | $7,000 to $15,000+ | Elevators, a parking deck and a boiler room |
Updates
| Kind | Typical fee | Notes |
|---|---|---|
| Five-year update, with a visit | roughly half to four-fifths of a full study fee | CAI Level II: the usual five-year update |
| Desk update, no visit | a quarter to half of a full study fee, under $1,000 for many small communities | CAI Level III: figures refreshed from the desk |
The levels follow the definitions in the CAI reserve study standards. Maryland's statute asks for an "updated reserve study" every five years and does not say whether the preparer must visit; most boards choose a site visit for the five-year update because conditions change more than spreadsheets do.
What moves the price
- Number of components, not just homes. A 60-home HOA with a pool, clubhouse, tennis courts and a stormwater pond takes longer than a 120-home one with a mailbox kiosk and a fence.
- Buildings. Mid-rise and high-rise condominiums bring roofs, facades, balconies, elevators, garages and central plant, and often call for an engineer.
- Records. Clean maintenance history, past invoices and the last study let a firm work faster. Missing records mean more time on site.
- Travel. A firm based near you is often cheaper for Western Maryland or the lower Eastern Shore than one driving in from the Beltway.
- Extras. Funding plan meetings with the board, presentations to owners, or a separate insurance appraisal are usually priced on top.
Budgeting for the cycle
Because the law asks for an update at least every five years, the study fee is itself a recurring cost. Many boards put it in the operating budget, or treat it as a reserve component of its own with a five-year life. Ask each firm to price the first study and the next update together; some will hold a rate.
Getting comparable quotes
Send each firm the same pack: the declaration and plat, the last study if there is one, the current budget and reserve balance, a list of major work since the last study and the date of your next budget meeting. Ask who will visit, what credentials they hold (see who may prepare one) and whether the price includes a funding plan that meets the 2025 rules.
Or tell us about the community below and we will name one firm that works in your county.
Sources:
Typical ranges from published fee pages and cost guides. No government or trade body publishes fee ranges.