Connected Device Property Evaluation for Hidden Repair Costs
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Solution Overview
Problem
Homebuyers often face unexpected costs after purchasing real estate due to hidden issues like failing appliances or unaccounted-for repairs, which can be difficult to identify during the purchase process.
Innovation Solution
A connected device-based system that monitors property conditions and environmental factors, providing a modified purchase price that includes estimated costs for repairs, replacements, or renovations, presented through augmented or virtual reality walkthroughs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traditional property inspection methods are used, then the purchase process is simple and quick, but hidden issues like failing appliances or repair needs are difficult to identify
Solution Approach 1:
The system performs preliminary monitoring and assessment of property conditions before the purchase transaction is finalized. Connected devices continuously collect data on appliance performance, environmental conditions, and structural status during the evaluation period, allowing potential issues to be identified and quantified before the buyer commits to the purchase price.
Solution Approach 2:
A centralized property evaluation system acts as an intermediary between the buyer, seller, and various monitoring devices. This system aggregates data from multiple connected devices, processes the information through algorithms, and generates a comprehensive modified purchase price recommendation, simplifying the complexity for end users while maintaining high detection accuracy.
2Loss of information
If connected devices monitor all property conditions continuously, then complete information is obtained for accurate pricing, but data collection complexity and processing requirements increase
Solution Approach 1:
The system extracts only the most relevant and critical property condition data from the continuous stream of information collected by connected devices. Algorithms identify and isolate key indicators such as appliance failure probabilities, environmental threshold violations, and structural concerns, discarding redundant data while maintaining complete information about significant issues.
Solution Approach 2:
The system transforms raw data from connected devices into meaningful parameters and metrics that directly impact property valuation. Continuous data streams are converted into discrete risk assessments, probability scores, and cost estimates, changing the parameter representation from raw sensor readings to actionable evaluation metrics.
3Loss of information
If modified purchase price includes detailed repair and replacement costs, then buyers can make informed decisions, but the pricing process becomes more complex and time-consuming
Solution Approach 1:
The system automatically generates the modified purchase price breakdown without requiring manual inspection or estimation by real estate professionals. Connected devices self-monitor property conditions, the system self-analyzes the collected data, and automatically produces a detailed cost breakdown including repair estimates, replacement needs, and their impact on purchase price, eliminating time-consuming manual processes.
Solution Approach 2:
Traditional manual property inspection methods are replaced with automated electronic monitoring and digital analysis. Physical inspections by agents are supplemented or replaced by connected devices that continuously monitor and report property conditions, with algorithms automatically calculating cost implications, replacing mechanical and human processes with electronic and computational systems.
Data Source
AI summary
The present disclosure involves systems and computer implemented methods for performing a connected device-based property evaluation. In one example, system operations include identifying a construction schedule associated with a particular property, the construction schedule including at least one construction event for the property. A disbursement schedule associated with the construction schedule and the property are identified, wherein the disbursement schedule defines construction events that trigger at least a partial disbursement of funds associated with the construction. Connected devices associated with the property are associated to one or more of the construction events, and a set of data characteristics associated with the one or more connected devices are defined that correspond to particular construction events. Outputs from the connected devices are then monitored during construction, and, in response to a determination that the monitored outputs match the defined data characteristics corresponding to particular construction events, a corresponding fund disbursement is initiated.