Owners and residents of condominiums, HOAs, or leasehold apartments are being overcharged by more than $50 Billion. That is $50 Billion every year!
It is a sad indictment that at a time when blockchain technology and business models are empowering greater decentralisation, millions of people living in shared communal properties are being forced to overpay by thousands of dollars. Unfortunately, most people have no alternative but to pay. Legal costs can easily rack up to $15,000. Even more critically, there is zero transparency, and this precludes access to information for residents to even think about mounting a challenge against the property manager.
In 2016 a report issued by the British Parliament found that British residents living in the UK equivalent of condominiums, leasehold apartments, were being overcharged by USD 2 Billion every year. Newspapers from around the world are replete with stories where maintenance charges rise 20% above inflation, and where landlords give work to unqualified contractors or family members.
We are about to launch CONDINIUM — a solution that changes the rules of the game. It gives residents the power to control all aspect of how their condos are managed. The results are lower condo maintenance charges; faster and better quality of repairs; and full transparency of costs and condo reserve account information.
To learn more visit www.condinium.io