Buying a condo is stressful.
When I bought my first place, I had no idea that a Home Owners Association (HOA) plays such an important role in the building.
I assumed that if other people live in the building, it must be fine. I was wrong! My condo’s HOA was poorly run. The HOA lacked reserves, carried insufficient insurance coverage, and the building manager was stealing from the HOA. Five years later, my HOA dues went up by 35%.
How did I not see this coming ? Why didn’t my agent or my attorney warn me? Of course this is an extreme case. Many HOA’s are well managed and have robust finances.
When buying a condo, most people don’t have the time to read hundreds of pages of HOA documents. Agents or attorneys won’t or can’t read financial statements of a complex organization.
This is the problem we are solving.
At InspectHOA, our algorithms read HOA documents, and then compare financial and operational data to neighboring buildings. Our algos ask questions such as – Is my building overpaying for snow plowing? Are other buildings keeping more reserves than my hoa? To keep things simple, we aggregate all of this information into a final score.
You get the idea. We are like Carfax for HOAs.
AI + financial data analysis => Estimate of your HOA’s health.
People put their life savings into their homes – InspectHOA is a small but important step in the home buying process to protect your hard earned capital.
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