Yearly over 100.000 homes are bought, and the amount of information that is retrieved, read and processed is overwhelming. A house buyer must relate to information about technical condition, housing, the law, technical requirements, remediation options and aesthetic possibilities.
All the participants in a house transaction will have a better picture of the condition of the home now and in the near future by compiling and presenting information in a more comprehensive, correct and understandable way. Specifically, the research will result in an innovative method and a new analysis tool for assessing the condition of a used dwelling, evaluating the risk of unknown errors and deficiencies, and at the same time estimating future repair and booking costs.
Better for everyone
The method will also improve the pricing of insurance (home buyer insurance and home insurance) that is tailored to the condition of the resident housing for the benefit of both insurance providers and their customers. All parties will receive risk-based decision support in the home transaction process in line with their wishes and preferences, in an understandable manner. This includes data-driven quality control of appraiser reports and prediction of how condition and remediation/improvement potential can be used to make probable future effects in accordance with price increases and/or energy gains.
The partners in the consortium are the best in their domains with real estate (Vendu, DNB Eiendom, NTF, Ambita, Norsk Eiendom), insurance (Söderberg & Partners) and research (Norsk Regnesentral, Universitet i Bergen og NTNU Handelshøyskolen).
The goal is to achieve a smarter housing deal and fewer conflicts after home sales.
Project name: Smart real estate transactions
Customer: Vendu AS
Period: 2019 – 2022